Undisclose source of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 September 2018
Dear Members,
Assessee is an employee of Goverment of India Enterprise for last 37 years and still serving in the said sector, He is regularly filing his Return of Income by showing income under the head salary, Annual Salary of Assessee Total Income (after deduction Under Chapter VI-A) as per Form 16 comes to the tune of Rs.7,98,270.
Assessee was in receipt of notice U/s.143(2) of the Income Tax Act, 1961 regarding cash deposit during demonetization period F.Y.2016-17 showing cash deposited during demonetization period Rs. 12,47,500.
You are requested to guide me that a Salaried Employee of Government of India can maintain cash on hand and can a Assessing Officer treat his cash on hand as Income From Undisclosed Source?
Assessee is an employee of Goverment of India Enterprise for last 37 years and still serving in the said sector, He is regularly filing his Return of Income by showing income under the head salary, Annual Salary of Assessee Total Income (after deduction Under Chapter VI-A) as per Form 16 comes to the tune of Rs.7,98,270.
Assessee was in receipt of notice U/s.143(2) of the Income Tax Act, 1961 regarding cash deposit during demonetization period F.Y.2016-17 showing cash deposited during demonetization period Rs. 12,47,500.
You are requested to guide me that a Salaried Employee of Government of India can maintain cash on hand and can a Assessing Officer treat his cash on hand as Income From Undisclosed Source?
21 September 2018
Salaried person of Government of India will hold cash only to meet daytoday expenses. Excess cash holding maybe considered as undisclosed income if sources of such holding are not proved.
No need to worry if you have proof from bank statement that the amount is drawn from bank out of salary income or from other known source of income.
No need to worry if you have proof from bank statement that the amount is drawn from bank out of salary income or from other known source of income.
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