All eminent experts please advice.

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abhishek agarwal (Querist)

10 November 2016 I am a CA final student,pursuing my articleship in a big four firm. The recent policy of demonetisation is actually a game changer.I respect Our PM Mr.Narendra Modi a lot and is in support of this decision. with just one sweep entire Black Money will be wiped out. I need an advice on my savings. I have saved Rs.500000 which i accumulated by giving tuitions to class 10,11and 12th students. I use to tech them.Maths and Accounts. I use to collect cash from them and normally i use to charge Rs7000 - 8000 per subject from.my students. in the FY 2014-15 and 2015-16 the only bank hit i am receiving is my stipend of Rs15000 and reimbursements of expenses . I want to know how can i plan my deposits so that i have to pay minimum tax further i have never filed an ITR. i am 22years old A resident of india. Will be waiting for you valuable responses

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

11 November 2016 Since you are not filing your ITR and not preparing your statement of affairs you are advised to deposit not more than Rs. 250000/- (basic exemption limit). Entire deposits is to be made in one account in single shot.

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