Querry from income tax officer
This query is : Resolved
16 August 2013
sir, i have receive a non statutory query from income tax officer regarding cash deposit of rs 1360400 in a saving account for the financial year 2011-12
as my income is not taxable i have not filed any income tax return,nor i have maintained any books of account for the business whose turnover is less than 40 lacks.
cash deposited to saving account is sales from a business & i have made payment to vendor through cheques from my saving account.
kindly advice what step i have to take regarding this.
as my income is not taxable i have not filed any income tax return,nor i have maintained any books of account for the business whose turnover is less than 40 lacks.
cash deposited to saving account is sales from a business & i have made payment to vendor through cheques from my saving account.
kindly advice what step i have to take regarding this.
17 August 2013
Dear Ashok
ITR filling is necessary even if income non taxable or turnover below 1 Cr.
In the said case, your case, it is suggested to file ITR for the said period.
and to contact CA for appearing before ITO .
In all probabilities your case might be converted into scrutiny proceedings, and entire receipts be taken as your concealed income , hence taxable.
Therefore, better to reply the query letter through CA and file return, to make a strong case showing business.
ITR filling is necessary even if income non taxable or turnover below 1 Cr.
In the said case, your case, it is suggested to file ITR for the said period.
and to contact CA for appearing before ITO .
In all probabilities your case might be converted into scrutiny proceedings, and entire receipts be taken as your concealed income , hence taxable.
Therefore, better to reply the query letter through CA and file return, to make a strong case showing business.
17 August 2013
You may file income tax return now also, disclosing true income and claiming eligible expenditure etc.,
Pls contact for further queries;
Mobile-9312412020
Email-cabrijesh@yahoo.co.in
Pls contact for further queries;
Mobile-9312412020
Email-cabrijesh@yahoo.co.in
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