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E campaign High Value Transaction
for the FY 2020 21Individual Person has Cash Deposited more than 10 lacks in saving account now,Department send messages Via E campaign Notice but client fail to filed Return. now how to reply notice is it possible without filing return.
Replies (7)
The exact details need to be furnished.
You may reply stating that GTI is less than 2.5lacs.Hence it is not required to file ITR
It is not that easy to just reply stating that GTI is less than 2.5 lakhs...The 'cash' deposited is 4 times more than the basic exemption limit. The assessee should rightly reply to the notice with appropriate reason as depicted in the notice. If the notice says to file the return, kindly do so. If you don't do anything, scrutiny notice might come for which you might then need to file ITR/reply to.
Not all deposits will be considered as income
NOT ALL DEPOSITS WILL BE CONSIDERED AS HIGH VALUE TRANSACTION.
SCRUTINY COMES IN STAGES
If the explanation is there for deposits then there won't be any issue..
Only income is taxable under Income tax and need not be every credit in bank account
Only income is taxable under Income tax and need not be every credit in bank account
Thanks Everyone for your valuable Advise and guidance really Thanks
CAclubindia
