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Section 56 other sources of income

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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
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
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.
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MOHD SHAHID

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MOHD SHAHID (Querist)
29 May 2019 Thank you Mr Mayur for value opinion
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