Recieved notice from it department for cash transaction more than 10 lacs in saving account
Kishore
(Querist) 05 November 2013
This query is : Resolved
Recieved Notice from IT Department for cash transaction more than 10 lacs in saving Account in an Assasment year cash deposited from other cities and i havent filed return in that financial year and Neither my income is under the slab of income which come under taxation.
Even tough i have No accounts which are asked by the department
reply
as soon as possible
malipeddi jaggarao
(Expert) 06 November 2013
Any cash transaction of Rs.10 lakhs and above attracts scrutiny under Money Laundering Act. If you can rightfully explain the transaction to IT Department, you can do it and prove that your income for the relevant assessment year does not attract any payment of IT. Better you consult local CA. Mere asking explanation for cash transaction of more than Rs.10 lakh is not a matter to worry if you can prove that transaction is rightful transaction.
Rajendra K Goyal
(Expert) 06 November 2013
Reply after consultation from tax consultant or CA.
Kishore
(Querist) 07 November 2013
Sir,
What is the defination of rightful transaction.
R.K Nanda
(Expert) 08 November 2013
consult tax lawyer.
V R SHROFF
(Expert) 08 November 2013
u said u hv no bank a/c
"Even tough i have No accounts which are asked by the department"
U go and inform this fact to I Tax , clarify, you are not liable to pay ant Tax.
If u know, there was transaction, better consult CA/ I Tax practitioner.
