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I have to pay income tax again ?

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This query is : Resolved

sandeep Kumar (Querist)

08 August 2016 I am a salaried person in government service. I got salary around 40000 per month and i file income tax return every year and pay income tax also from last 13 years and i withdraw my salary every month for helping my relatives and friends and some money for me also . I am also doing some FD and RD in my rural bank account . After doing this for 13 years they (friends and relatives ) give me back my money and i also have some money in FD and RD .so total around 23 lakh cash is in my hand now .so if i deposit this money in my one account at once .so i have to pay income tax again on this money.

Ganeshbabu K

Ganeshbabu K (Expert)

08 August 2016 you need to substantiate that amount received was loans given to friends earlier.if you can do so you may do so

Instead you may deposit this money in some 4 days to avoid catching into income-tax screener..

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