11 November 2016
dear professionals,thanks for your valuable suggestions. I want to know that in this scenario when 2.5 lakh deposit of cash is upper limit of relaxation. It is advisible that first a person shall file ITR return for 15-16 &16-17. then deposit cash as two years return shows approx 4 lac cash.
If i file ITR for 15-16 & 16-17 right now when no return filed earlier. then it will be safe for asessee if he deposit old notes of 4 lac in his bank account. Filling of ITR for two yrs back right now will help him or not.
I would like to differ from your point of view. It would be better for the assessee if he files his returns on actual basis. Filing ITR at this point of time will not help him. Ultimately you should be able to prove that whatever amount you are depositing, you have paid taxes previously or it is a current year income. Moreover, he should have used the money for his personal expenditure also.
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