Badaa (employee) (109 Points)
03 March 2014Hi , I have made the cash deposite out of my savings.
Total amount in an year is 15 lakhs, Now income tax scrutinity and order received to pay tax for the whole amount with interest. Tell me the procedure for showing these amount is from my savings.
Note: I have withdrwan from ranges 1000 to 15000 within a month for arround 12 years.
Thanks in advance.
Mihir
(Wealth Manager)
(5293 Points)
Replied 03 March 2014
Require more details. Under what section did you receive the notice of demand? Did you file your ITR regularly showing your income from salary, business, other sources etc? Do you have proof that you deposited this cash from your income?
Badaa
(employee)
(109 Points)
Replied 03 March 2014
I have received Notice of demand under section 156 of the Income-tax Act, 1961 the demand after the assesing the scuritinity by AO.
Badaa
(employee)
(109 Points)
Replied 03 March 2014
| Originally posted by : Mihir | ||
 |
Require more details. Under what section did you receive the notice of demand? Did you file your ITR regularly showing your income from salary, business, other sources etc? Do you have proof that you deposited this cash from your income? |  |
Yes i have proof that salary received to my Saving account and withdrwan for from ranges 1000 to 15000 within a month for arround 12 years.
Mihir
(Wealth Manager)
(5293 Points)
Replied 03 March 2014
What about ITR filing and paying tax on your income every year?
Badaa
(employee)
(109 Points)
Replied 04 March 2014
Yes for last 12 years i am paying tax and filing ITR. Cash which i deposited is out of my savings.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
