29 March 2014
Dear Sir, My query is that my uncle is filing income tax return and he is showing income on presumtive basis but the main problem is that has deposited cash in his saving bank account which exceeds Rs. 1000000/- but the account was closed later on and we have not shown it in return. Finally, what is the solution to this problem.
29 March 2014
Normally now a days the IT Dept is selecting those cases under scrutiny where the cash deposit is exceeding Rs. 10,00,000 in the saving A/c even if the A/c has been closed later on. In such cases they treat total cash deposit as the income. Since your uncle has already filed the return, now there is no any other alternative.
CAclubindia
