Cash out of earlier income or savings

Page no : 2

Shila Kharga (21 Points)
Replied 09 February 2017

@ vishal..cash out of earlier income or savings should be logically before demonitisation. so as on 9.11.16. you may include closing cash balance of 31.03.16 and cash savings from this financial year.
but thing is that whatever amount you put in this category will analyse by standard applied risk criteria, which is unknown. if your figure come under applied risk criteria, they ask for more detail. if not then case is closed

Shila Kharga (21 Points)
Replied 09 February 2017

In first category ...cash out of earlier income or savings IT data centre will analyse

Shila Kharga (21 Points)
Replied 09 February 2017

In first category..cash out of earlier income or savings will analyse by your income profile, mean your last returned income.
In other category...cash from cash reciept from sale or debtors should be analysed by your transaction in bank account. and here also applied risk criteria is unknown.

Shila Kharga (21 Points)
Replied 09 February 2017

let's see example in figure.
if you are in business and your average deposit per day ( from 1.4.16 to 9.11.16 total is 222days ×20000) bank is rs 20000. now for risk criteria they might tool either maximum 50days= 10lacs, or 30days = 6lacs or 15days = 3lacs. if in this category if your figure is more than applied risk criteria, they ask for more information.

Shila Kharga (21 Points)
Replied 11 February 2017

yesterday on income tax portal put F&A sheet regarding response on cash transaction during demonitisation.

SUFI YASEEN (2 Points)
Replied 04 April 2017

i got letter fro ITD that you have 5100000 cash transaction . i collected the amount from my sundry debtors and some part is my routine sale from customers (without pan). how to reply plz help.