Cash deposit

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alpesh (Querist)
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30 November 2016 dear sir may cilent has deposited cash 2500000 in current account .whether any issue in this case.in may view i can file return itr 4s in 44ad turnover of 2500000.or i can decalre cash gift from relatives this cash after withdraw amount i can issue check to relatives as gift .in your view what i can do

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 November 2016 Both option will not work out and if you try it the dept will collect tax and penalty up to 85%. File the return and disclose it and pay 50% tax.

alpesh

alpesh (Querist)
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30 November 2016 in your view what i can do.dear sir this cash can shown income from other sourse in the return and says gross total income work out how much tax pay..

alpesh

alpesh (Querist)
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01 December 2016 dear sir please give me replay last.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 December 2016 Disclose it as per the latest bill passed in Parliament and pay 50% taxes, safer side in case it is a case of black money deposited.

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