The assessee is a farmer who has 30acres of land. During the FY 18-19 ,he deposited 65lacs cash and made the withdrawal subsequently for agriculture expenses. Now the notice was received for the cash deposit. How the issue can be solved?
thank you
Replies (8)
Quick Summary
A farmer deposited a significant amount of cash from agriculture income and subsequently received a tax notice. The advice given is to ensure all agriculture income is accurately declared in the Income Tax Return (ITR) for the relevant financial year. It's crucial to consult a Chartered Accountant (CA) with all necessary documentation to properly present the income and resolve the notice.
Sale of rural agricultural land is exempt but ..... still it has to be shown in itr in exempt income. Hiding facts from ITR is an offence. So, pls meet a CA regarding this with all docs as said above.