SFT- 003: Cash deposit or withdrawals in current account

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Keyur (Querist)
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28 October 2021 Sir,

Please clarify for filling of i.tax return.

SFT- 003: Cash deposit or withdrawals in current account -more than 40 lacs in fy 2020-21

Need to show taxable income while preparing tax return??

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 October 2021 Need to file ITR3 or ITR4 in case of individuals or ITR 5 in case of partnership firm, AOP etc; wherein your total cash receipts/sales including any cash loans etc. should exceed the said amount; whatever be its taxable income.

Keyur

Keyur (Querist)
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10 November 2021 need to treat other income?? and pay tax as per tax slab?
please clarify me

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 November 2021 No other income to be assessed. Just check your cash transaction along with contra entries of cash & bank as per books. It should tally as per the SFT report.
Your tax liability will be as per income declared in ITR.

Keyur

Keyur (Querist)
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26 November 2021 Sir,
entries reacted in bank statement and assessee is salaried person then it will be treat other income?? and tax should be paid on assessed income?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 November 2021 WHY HE HAD CURRENT ACCOUNT? HOW THE CASH ARRIVED WHEN HE IS SALARIED PERSON?

Keyur

Keyur (Querist)
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02 December 2021 Sir. Employer given incentive by way of cash deposited in his saving bank account!!!!

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 December 2021 Contact local CA for the solution, as sec. 269SS & or 269ST liable to be attracted.

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