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DEPOSIT OF HUGE MONEY
my client deposited 78 lakhs (over several years) taxed income in bank account,and now scrutiny proceedings are going on how to defend assessing officer
Replies (3)
Hi Prasad
if you require any professional help from my side please write to me.
You can also write to me with further details at sthayin @ gmail.
if you require any professional help from my side please write to me.
You can also write to me with further details at sthayin @ gmail.
1. The sources needed to be explained. Otherwise the same will be categorized under sec 69A which deals with unexplained money and the same will be subject to tax @ maximum marginal rate.
2. In your case, the proper explanation should be provided for notice sent by the IT department relating to the source of Rs. 78 lakhs deposited over a period of time. If no explanation offered or explanation offered is not satisfactory then it will be charged to tax u/s 69A.
Please correct me if the above solution has an alternative view.
As informed you deposited 78 lakhs over several years out of taxed income , there is absolutely nothing to worry and you can very well show how its accumulation happened.
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