HOW TO RESPOND ONLINE TO CASH DEPOSIT & WITHDRAWAL NOTICE UNDER SECTION 148A:

HOW TO RESPOND ONLINE TO CASH DEPOSIT & WITHDRAWAL NOTICE UNDER SECTION 148A:

Are you facing a Cash Deposit or Withdrawal Notice under Section 148A from the Income Tax Department? Don’t worry! ActiveTaxPro Advisory is here to guide you through the Online Response Process step by step.

What is Section 148A Notice?

A notice under Section 148A is issued when the Income Tax Department identifies unexplained cash deposits or withdrawals in your bank account. This is part of the government’s effort to track Unaccounted Money and ensure all taxpayers are compliant.

Typically, such notices are sent when your Bank Transactions do not match the declared income. Responding promptly and correctly is crucial to avoid penalties.

Steps to Reply Online to Cash Deposit & Withdrawal Notice:

1. Login to the Income Tax Portal:

• Visit [https://www.incometax.gov.in] and log in using your PAN and password.

2. Check Your Notices:

• Go to e-File → e-Communications → Inbox to locate the Section 148A notice.

3. Understand the Notice:

• Carefully read details such as:
• ·       Transaction period
• ·       Cash deposit or withdrawal amounts
• ·       Documents requested

4. Prepare Your Response:

• Provide a Clear Explanation of the transactions:
• ·       Source of cash deposits (income, loan, sale of assets, etc.)
• ·       Purpose of withdrawals (expenses, investments, payments)
• ·       Attach proofs like bank statements, receipts, invoices

5. Submit the Response Online:

·       Navigate to e-File → Submit Response to Notice

• ·       Upload all supporting documents in PDF format
• ·       Fill in your explanation clearly
• ·       Submit before the deadline

6. Save the Acknowledgement:

After submission, an Acknowledgement Receipt will be generated. Keep it safely for future reference.

Key Tips to Avoid Penalties:

• ·       Respond within the specified time frame
• ·       Ensure documents are authentic and verifiable
• ·       Seek professional help if needed to avoid mistakes

Why Choose ActiveTaxPro?

ActiveTaxPro Advisory specializes in Responding to Section 148A Notices. Our experts ensure that your Online Reply is Accurate, Timely, & Compliant, helping you avoid unnecessary penalties and stress!