Cash transaction 2016
This query is : Resolved
09 February 2017
A has deposited 388500 in bank on 10.11.2016 related to cash in hand as on 08.11.2016. Where will it be entered in response to the notice
10 February 2017
cash in hand balance will not be acceptable. There is also no option for the same in reply. You can however declare source of cash in hand as on 08.11.2016 under appropriate head. For this purpose refer to help kit.
11 February 2017
The FAQs mentioned answers the question in the following way:
If cash is claimed to be out of cash in hand, the source of cash may be assigned
under various categories in the following sequence:
a) Cash withdrawn out of bank account (Refer B.3)
b) Cash received from identifiable persons (with PAN) (Refer B.4)
c) Cash received from identifiable persons (without PAN) (Refer B.5)
d) Cash received from un-identifiable persons (Refer B.6)
e) Cash out of receipts exempt from tax (Refer B.2)
f) Cash out of earlier income or savings (Refer B.1)
g) Cash Disclosed/To be disclosed under PMGKY (Refer B.7)
Adopting other sequence may result in case being selected for verification based on
risk criteria.
If cash is claimed to be out of cash in hand, the source of cash may be assigned
under various categories in the following sequence:
a) Cash withdrawn out of bank account (Refer B.3)
b) Cash received from identifiable persons (with PAN) (Refer B.4)
c) Cash received from identifiable persons (without PAN) (Refer B.5)
d) Cash received from un-identifiable persons (Refer B.6)
e) Cash out of receipts exempt from tax (Refer B.2)
f) Cash out of earlier income or savings (Refer B.1)
g) Cash Disclosed/To be disclosed under PMGKY (Refer B.7)
Adopting other sequence may result in case being selected for verification based on
risk criteria.
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