Cash deposits and itr
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 April 2017
1. New ITR requires to disclose cash deposits made during 9/11 to 31/12/2016, in case deposit amount is 2 lakhs or more.
Is only specified notes deposit required to be reported, or cash deposit including new notes is to be reported?
A doctor deposited 175000 in specified notes currency. He got during the relevant period Rs 30000 in cash in new currency as his fee from patients. So he deposited this amount also in his bank. Total cash deposit comes to Rs 205000/ Is he required to report this in his ITR?
2. Restrictions have now been placed on cash transactions. A conducts hobby workshops in several cities and candidates deposit fee in his bank account, while enrolling themselves. Some deposit cheques or make NEFT transfers but many deposit cash directly in his bank account from across the country. Will cash deposited be regarded as cash received and cash transaction or money received thru banking channels? Will it be subject to the restrictions imposed from 1/4/2017. Is this also to be reported if cash - small amounts - was deposited by candidates in his account during the demonitisation period - this would have been in new currency as banks would not have accepted specified notes in third party account.
Is only specified notes deposit required to be reported, or cash deposit including new notes is to be reported?
A doctor deposited 175000 in specified notes currency. He got during the relevant period Rs 30000 in cash in new currency as his fee from patients. So he deposited this amount also in his bank. Total cash deposit comes to Rs 205000/ Is he required to report this in his ITR?
2. Restrictions have now been placed on cash transactions. A conducts hobby workshops in several cities and candidates deposit fee in his bank account, while enrolling themselves. Some deposit cheques or make NEFT transfers but many deposit cash directly in his bank account from across the country. Will cash deposited be regarded as cash received and cash transaction or money received thru banking channels? Will it be subject to the restrictions imposed from 1/4/2017. Is this also to be reported if cash - small amounts - was deposited by candidates in his account during the demonitisation period - this would have been in new currency as banks would not have accepted specified notes in third party account.
07 April 2017
1 All cash deposit during the period has to be reported.
2' Cash deposit in bank AC directly regarded as cash received. Such deposit will be subject to restrictions and reported on such deposit made during the period.
2' Cash deposit in bank AC directly regarded as cash received. Such deposit will be subject to restrictions and reported on such deposit made during the period.
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