Cash deposite

This query is : Resolved

alpesh (Querist)
Follow

14 November 2016 dear sir i has not file return for any years whether i can deposite cash 500000, if any issue in this cash....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

14 November 2016 Depositing cash above 2.50 lacs will be reported to Income tax authorities. You have to prove the source of income if not proved 200% penalty will be levied.

alpesh

alpesh (Querist)
Follow

14 November 2016 dear sir what source of income to be decalare in your view.if source is decalre 30 % tax only should be paid and if source is not decalare then 30& and 200% pay.please sir give me answere in both cash..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

14 November 2016 Yes you are right in both the case.

alpesh

alpesh (Querist)
Follow

14 November 2016 i can declare this income under the head of other sources is benificial or what source is benificial in your view source declare whether i can show this amount after depositng cash to bank then i can declare this income in return for AY-2016-17 for paid tax 30 % whether it is correct...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now