Cash deposit above 2.5 lakh
This query is : Resolved
12 November 2016
Dear sir,,
My return income was 6 lakh but in my book cash in hand showing 13 lakh in A.Y 15-16.....BCOZ I didn't file return till now.. So can I deposit upto 13lakhs... Is it safe
KAVIRAJA ADDANGADI
(Expert)
12 November 2016
No, you can not Deposit above 2.5 Lakhs, If you deposit you will come under tax purview.
12 November 2016
From last five years I m showing my cash in hand... So why I can't deposit and if I m showing 6lakh then atleast I can show 6lakh cash
12 November 2016
And if I legally showing that i have 13, 00,000 in cash which income tax also approved last year... Then why not i deposit such money
ANKIT AGARWAL
(Expert)
14 November 2016
You can deposit any amount of Cash if Tax has been paid on that amount.
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