Cash transactions 2016

This query is : Resolved 

10 June 2019 DEAR EXPERTS,
ONE OF MY FRIEND HAD RECEIVED AN INTIMATION FROM THE "IT DEPT" REGARDING THE CASH DEPOSITS MADE AT THE TIME OF DEMONETISATION AND HE HAD ALSO NOT FILED HIS RETURNS DURING THAT AY.. NOW AFTER THE ISSUANCE OF NOTICE FROM "IT DEPARTMENT" HE HAD FILED HIS IT UNDER 44 AD... NOW WITH REGARDING TO THE NOTICE:
1) SHOULD HE RESPOND EACH TRANSACTION EXPLANATION LIKE SUBMITTING HIS BANK BOOK LEDGER (OR)
2) JUST REPLY THAT THE AMOUNT CREDITED ARE THE AMOUNT RECEIVED FROM MY DEBTORS AND I HAVE OFFERED ALL SUCH INCOME TO TAX???
WHICH OF THE ABOVE OPTION IS SUITABLE AND WONT CAUSE ANY FURTHER PROBLEM ??
IF THERE IS ANY OTHER TYPE OF RESPONSE PLEASE KINDLY LET ME KNOW...

10 June 2019 what is the reality in depositing the cash?

10 June 2019 AMOUNT RECEIVED FROM SUNDRY DEBTORS


12 June 2019 then you can tell the same to income tax department. Be ready to disclose the names along with PAN of those sundry debtors.

12 June 2019 THANKS FOR THE REPLY SIR

12 June 2019 you are most welcome.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries