Due to urgent requirement of fund i used my credit card during 2009 to 2011 every month swap approx 1 lac per month for payment of credit card dues(first swap one credit card and on due date of credit card swap another card to repay the amount of first credit card)this is not my income or expense.
for repayment i deposit the money in my saving bank a/c and for that reason my saving bank cash deposit aggreagate amount in a financial year cross the limit of 10 lac. Recently i received notice from income tax department for non filling IT Return of 2009-10 10-11, and 11-12.
from 2009 to till date my income is below taxable limit. Reason for notice
1. During 09-10 deposit cash more than aggregate 10 lac in saving a/c(not a single transuction)
2. During 09-10 10-11 and 11-12 credit card bill paid excess 2 lac
Plz suggest me what will i do and what is reply of of itr notice. Thanks in advance plz reply soon its very urgent.....................
CAclubindia
