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Notice by income tax deptt
During demonetisation period one of my friend deposit rs 6 lac in bank from his current account..and income tax deptt send him a notice to give reasons for that cash source..while in his return for the period till 31.03.2016 does not have more cash in hand,,how to reply the deptt pls gave ur opinions also..
Replies (1)
Prepare cash flow statement as of 08/11/2016. Segregate different sources of cash receipts (cash sells, bills payment etc.) based on identified or non-identified persons with their amount, any other sources like loans, gifts etc, and file details accordingly. Be sure this may not be final, so do home work properly with accurate facts.
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