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SFT- 003: Cash deposit or withdrawals in current account

This query is : Resolved 

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??

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.

need to treat other income?? and pay tax as per tax slab?
please clarify me

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.

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?

WHY HE HAD CURRENT ACCOUNT? HOW THE CASH ARRIVED WHEN HE IS SALARIED PERSON?

Sir. Employer given incentive by way of cash deposited in his saving bank account!!!!

Contact local CA for the solution, as sec. 269SS & or 269ST liable to be attracted.



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