07 August 2016
I am a salaried person in government service. I got salary around 40000 per month and i file income tax return every year and pay income tax also from last 13 years and i withdraw my salary every month for helping my relatives and friends and some money for me also . I am also doing some FD and RD in my rural bank account . After doing this for 13 years they (friends and relatives ) give me back my money and i also have some money in FD and RD .so total around 23 lakh cash is in my hand now .so if i deposit this money in my one account at once .so i have to pay income tax again on this money.
07 August 2016
No. You dont have to pay any tax on this.... (The point worth noting could be..is the amount of 23 lakh PROPORTIONATE to your income..... with say 40,000 per month for last 13 years.....= 13 X12 X40,000 = 62,40,000...... prima facie 35% saving seems to be ok)
CAclubindia
