142 (1)

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UMASHANKAR M S (Querist)
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10 December 2018 DEAR EXPERT
I HAVE RECEIVED 142(1) NOTICE FOR CASH DEPOSIT FOR THE ASSESSMENT YEAR 2011-12 AND I HAVE PLAN TO VOLUNTARILY DECLARE THE 8% OF TOTAL DEPOSIT... GUIDE ME PLEASE AND SEND ANY CASE LAWS

Ravindersingh

Ravindersingh (Expert)
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11 December 2018 You have to see before declaring 8% profit that you have to prove that it is from sale proceeds, and you have to prove purchases or expenses( For Services) , your withdrawl should not be for personal expenses and it should be used for purchases/expenses, the money should not be lying in bank up to closing of year and you must have evidence that you were doing business in the year 2010-11. After all these you can declare 8% of profit.