Hi, I am a salaried professional. My taxable income for year FY 2015-16 was 721,000( as per form 16). IT file was done for this amount. Now in FY 2016-17, as of Oct16 I have received salary of 4.5 lakh as of now (tds deducted). My current bank balance is 10,000. LIC premium paid in 2016-17 is 23600. PPF paid as of now is 12500. No other FD or any kind of investments. Since I had shown my income as 7.2 lakh last year + 4.5 lakh this year = Total 11.5 lakh, and I have paid income taxes for this amount. can I deposit this much amount in my bank account now? Say, I have cash of 11lakh and want to deposit it in bank. How much money can I deposit in my account which will not attract any further income tax. What to do? please help.
CAclubindia
