My father is a truck owner, He has 2 trucks and a pickup truck and these are mentioned in his return. On September 2016, he bought a new truck on finance and paid installment on it Rs 85,700/- through auto debit system. All the freights are received by him in cash and payments with respect to those are also made in cash. What should he do in the case where cash deposit of arounf 3 lakhs will be taxable.
Also, the notes with me are of Rs 500 and Rs 1000 of the old banned currency. Please assist me in the process.
Jan. 22, 2018