cash deposit of more than 10lakhs befor nov.

Save Share

This query is : Open

sumit jain (Querist)

21 November 2016 sir, I have deposited cash in my wife saving account of more than 10lakhs but this is before nov. I have shown a business of saree sale in hef it return, how much income should i show in 15-16 return. Is it compulsory that she will receive notice of cash deposit more than 10lakhs. plz advise

Unnikrishnan B

Unnikrishnan B (Expert)

21 November 2016 The thing to be remembered is saving account is not for the business man it is only to deposit your income .in your case it is advisable that you open a current account for the saree business .there is a chance that you get a notice from IT dept for depositing the business receipt in the savings account

sumit jain

sumit jain (Querist)

21 November 2016 sir I am not transacting business transaction from saving account, I have only deposited cash in hwr account and purchase shares from her demat account, and sir plz advise me how to give the reply the notice inorder to avoid problems. is there any way so that the problems can be removed.

Unnikrishnan B

Unnikrishnan B (Expert)

21 November 2016 In your case if you are regularly filing IT return of your wife there will not be any problem.your wife should have independent income otherwise it will be clubbed with your income.if your wife is having saree business then there will not be any problem

sumit jain

sumit jain (Querist)

21 November 2016 sir is it possible that my income will be clubbbed with her as I am doing a business having turnover more than1.5cr and doing audit. and filling return accordingly. I have 12-14 lakhs of cash in hand till 15-16, so if notice served to her in what manner should we replied to i t dept. we normally show her income around 4lkhs in it return till 14-15, i am very tensed for this prblm, and after the demonitisation announcement and 2.5lkhs cash depo scheme I am totally

sumit jain

sumit jain (Querist)

21 November 2016 feared and daya by day I am beconing very depressed. ny ca is advising to show more income in 15-16 return to shiw more cash in hand. is it the right step.

Unnikrishnan B

Unnikrishnan B (Expert)

21 November 2016 Dear friend,
Do not worry .from thus FY 44AD can be done if the sales or Gross receipt is up tothe Crores .if IT return not filed in the year 2015-16 you can file ad advised by the CA .the income tax department wants everything in order .so kindly disclose your income in order

Unnikrishnan B

Unnikrishnan B (Expert)

21 November 2016 44AD up to 2 crores I mean

Unnikrishnan B

Unnikrishnan B (Expert)

21 November 2016 From FY 2016-17 onwards

sumit jain

sumit jain (Querist)

21 November 2016 ok sir thanks...

sumit jain

sumit jain (Querist)

21 November 2016 feeling somewhat relaxed after your advise