Hello sir,
in my current financial year I have deposited more than 10 lakh rupees in cash in a small and small pieces in my bank account which is saving bank account this deposit was made because of the nature of my profession. my profession is to filing income tax returns for my clients, they give me cash I deposit that cash into my bank account and make payment of their income tax therefore my limit crosses 10 lakh rupees in this financial year. what precautions should I have to take into consideration in order to clarify to the income tax department in case notice has been received in future to me. only tax amount was deposited.
Thank you
Have proper record of Client details and copy of IT challans in your records.
CAclubindia
