Income tax demand for cash deposit

During the FY 17-18, the assessee have deposited a cash of 1.9cr in the current account, but return was not filed as it was the 1st year of business. Later the returns were regular. Now the IT dept has issued the notice for not filing the return. If we consider the entire amount as business income, should the tax audit report has to be filed as the turnover exceeds 1cr for that year?
Replies (4)
Quick Summary
This discussion addresses an income tax demand notice received for a significant cash deposit made in FY 17-18, where returns were not initially filed due to the business being in its first year. The core question is whether a tax audit report is required if the entire deposit is treated as business income, exceeding the £1 crore turnover threshold. Advice suggests filing returns under Section 44AD, which may bypass the audit requirement, and recommends consulting a CA for personalised guidance and resolution.

You can file your return under section 44AD without audit. For talking personally, I'm leaving the details in your inbox.
Pls file returns. furnish sft details. Sec 44Ad is applicable.
Consult with some CA for such issues.
File last two years returns visit ao and the details will be resolved

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
28 August 2026
Audit Manager

K A R M & CO

Mumbai

CMA

View Details
Company
04 September 2026
CA inter Or ca finalist

A Jaiswal and company

Lucknow

CA Final

View Details
Company
ARTICLESHIP 24 August 2026
Article Assistant

M/s.S.G.Salecha & Co.

Mumbai

CA Inter

View Details
Company
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
ARTICLESHIP 25 August 2026
CA Article's

Saini Pati Shah & Co LLP

Mumbai

CA Inter

View Details