Black money into white money

Page no : 2

CA Pratibha Sharma (ACA, ACS) (357 Points)
Replied 11 November 2016

Then you need not to worry, when you are asked by the IT Department then you just show them the proof.... but i would suggest that in future a person must have a bank aacount and there is no harm to file a Nil ITR.

Dharmesh (Student) (1025 Points)
Replied 11 November 2016

Yea i agree with you but just going though various posts here and also generally everyones of the view that in such cases u will be left stranded and the AO will quash all your arguments for amount in excess of 2.5 lacs..

Dharmesh (Student) (1025 Points)
Replied 11 November 2016

Even im of the view that by law its not mandatory to deposit cash in bank and also to file ITR when you have income below taxable limit..Then to such deposits will not be recommended as it would be difficult to convince the IT dept..

CA Pratibha Sharma (ACA, ACS) (357 Points)
Replied 11 November 2016

it depends on situation. i m not saying that my contention is 100 % correct. i m just discussing it with you all. so that we can get some idea or opinion abt this situation.

and dont be so negative about IT department.

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