Cash receipts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 August 2013
Sir,
I am an self employed legal professional and receive my fees mostly in cash of which bigger amounts or after some collection at home I deposit in my bank a/c. My question is
1) Can I show even that part of my fees (in cash) which I spend immediately after receipt?
OR
Is it strictly necessary to deposit all my cash fees in my bank account?
2) Is there an I.T. Act provision that
cash deposits in a bank account more than 50000/- per annum shall be chargeable to tax in highest slab?
I am an self employed legal professional and receive my fees mostly in cash of which bigger amounts or after some collection at home I deposit in my bank a/c. My question is
1) Can I show even that part of my fees (in cash) which I spend immediately after receipt?
OR
Is it strictly necessary to deposit all my cash fees in my bank account?
2) Is there an I.T. Act provision that
cash deposits in a bank account more than 50000/- per annum shall be chargeable to tax in highest slab?
CA Mukesh Jain S
(Expert)
17 August 2013
For 2nd point: There is no provision in income tax to charge at a higher rate, cash deposits in excess of Rs.50,000/-.
CA Mukesh Jain S
(Expert)
17 August 2013
You need not deposit all the cash receipts into bank a/c. There is no such compulsion in the income tax.
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