Explanation for Cash Deposit notice by Income tax | Cash Compliance 2016

Income Tax Department (ITD) intends to obtain explanation from the assessees who had deposited plenty of amount during period of demonetization (i.e. 9th November, 2016 to 31st December, 2016). Many of those has received SMS as well as Email communication to comply with it.

Here is the way in which one has to given explanation with regard to Cash deposited during that period:

A Account Details
A.1 Bank/Institution XXXXX XXXXXX Bank
A.2 Branch/I FSC Code XXXXXXXXX
A.3 Account Number NNNNNNNNNNNNNN
A.4 Cash Deposit in the account between 9th Nov 2016 and 30th Dec 2016 (as reported) 50,00,000
A.5 Cash Deposit in the account between 9th Nov 2016 and 30th Dec 2016 (as confirmed) (Amount) + Remarks
B Source of Cash Deposit
B.1 Cash out of earlier income or savings (Amount) + Remarks
B.2 Cash out of receipts exempt from tax (Amount) + Remarks
B.3 Cash withdrawn out of bank account (Account wise list)
B.4 Cash received from identifiable persons (with PAN) (PAN wise list)
B.5 Cash received from identifiable persons (without PAN) (Person wise list)
B.6 Cash received from un-identifiable persons (Nature of transaction wise list)
B.7 Cash Disclosed / To be disclosed under PMGKY (Amount) + Remarks
B.8 Balance (A.5 – B.1 – B.2 – B.3 – B.4 – B.5 – B.6 – B.7)

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