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Deposit in cash

Ankit chaturvedi (CA in Practice) (241 Points)

01 June 2017

Mere ek client ko
Post office saving m 5 lakh jama krane h by cash
Cash se jama krne m koi problem h

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4 Replies

rama krishnan (12234 Points)
Replied 01 June 2017

no problem if you are able to prove the source for 5 lakhs

2 Like

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 01 June 2017

Agar Savings A/c he to 5 lakhs jama karna he to karlo koi problem nehi hoga.

Lekin ak chiz hamesa ayad rakhna apne savings account me 1 sal me matlab 1 financial year me kavivi 10,00,000/- se vi upar cash deposite mat karna. Agar karoge to uska information Income Tax Department me chala jayega ar tumhare pas notice vi a sakta he. Lekin ha agar tumhare pas justification ho properly to koi chita ki bat nehi he....

Dhannay Bad....

Rohit Gupta (M.Com / IPCC) (54 Points)
Replied 01 June 2017

If you have source of cash has reported in income tax then there is no proble.

Kepp in mind that the aggregate deposites equal to or more than 10 Lakhs will be reported b y post master in SFT i.e. it will reflect in AIR

Kamal vashist (Accountant) (183 Points)
Replied 01 June 2017

No problem until you are able to prove the source of Income, If you are depositing amount exceeding 10 lakh then there is risk !! keep in mind, it is not assured that you received any notice from Department