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Notice for unclaimed cash deposit

Tax queries 862 views 3 replies

abhishektiwari

jjjj

21 Points Joined May 2009

hi ,

i have deposited Rs 1046000 cash in my bank account A Y 2011-12 and received notice from income tax department for the same. i have visited income tax department and claim it is a agricultural income but assessing officer denying to accept and also he is telling that we will issue order.

what assesing offcer has right and how much tax i have to paid.

pls suggest your best opinion.

Regards

Abhishek

Replies (3)

Sudarshan Sarda

CHARTERED ACCOUNTANT

241 Points Joined March 2013

IF IT IS AGRICULTURAL INCOME YOU ARE REQUIRED TO PRODUCE DOCUMENTS FOR THE SAME.

OTHERWISE GET READY FOR ALMOST 60 PERCENT INCOME TAX

Rupesh Soni

Taxation Consultant & CA final student

504 Points Joined September 2009

not 60% but 75% plus cess...undisclosed cash

rama krishnan

12244 Points Joined May 2017

for a. y. 2011-12, it's not 30 or 60 or 75, it'll be charged in the applicable slab rates only.

in order to prove it as agricultural income, produce copy of land documents, produce certificate obtained from competent authority in support of income earned out of agricultural activities etc