Section 56 other sources of income
This query is : Resolved
28 May 2019
hello, A lady deposited cash in her a/c above5 lacs in many times and same was offered as income in itr as other sources income and tax paid. Can deptt ask for sources from where money came? Kindly give opinion.. Thanks in Advance
29 May 2019
Yes, the department can ask for the source of the cash deposit. Because in the case of an individual, the slab rate is applied. So you cannot run away by paying the slab rate for the income offered because the unexplained cash deposit attracts taxability of 30.12% and also a penalty.
29 May 2019
Thank you Mr Mayur for value opinion
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