03 April 2024
I have received notice 148 A , i am agriculturalist i have deposit Rs 57/ lakh cash in bank we received agricultural income we have not file income tax returns so how to reply this notice please guide us
03 April 2024
you need to first file the proper tax return against the notice received. Once that is done, during the reassessment proceedings, you need to explain the source of this cash.
It is a time consuming process and if not done right, can lead to significant tax demand. I am currently handling 2 such cases where the client did not handle the reassessment proceedings in the right manner and now we are managing the appeals.
CAclubindia
