Cash deposit above 10 lakhs

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45 Points Posted on 10 July 2021

I have deposited cash nore than 10 lakhs in a single account in parts. The funds are of my business, and I have already shown it in GST. What to do? Will I get penalty?

Actually due do some emergency of funds I have deposited it in savings account in place if current account

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On 10 July 2021 at 12:44 Report
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Quick Summary
If you've deposited over 10 lakhs in cash into a savings account, even if it's for business and declared in GST, it's crucial to disclose this in your Income Tax Return. While GST declaration is good, it doesn't automatically exempt you. Maintaining a day book and filing your returns on time are recommended steps to avoid penalties.

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STUDENT
1120 Points Posted on 10 July 2021
In Which Account? Current or Savings?

If CA, the Yearly limit is 50 Lakhs and In Savings Account Limit is 10 Lakhs.

Crossing the limit, Banks must report to the Income Tax Department.

But already shown in GST have a not effective measure, You must disclose the same in Income Tax Return.

Then no offence at all.
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On 10 July 2021 at 16:10
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tax consultant
1829 Points Posted on 10 July 2021
If you are regularly filing true returns then there wont be any penalty
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On 10 July 2021 at 19:11
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45 Points Posted on 10 July 2021

Deposited in Savings account.

Actually I have a money transfer business and mistakenly deposited in Savings account. As the money deposited are collection from retailers and in this business we rotate money every day.

So what explaination I can give to income tax?

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On 10 July 2021 at 19:41
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STUDENT
1120 Points Posted on 11 July 2021

File your return on time u/s 139. Then maintain a day book for future purpose 

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On 11 July 2021 at 10:59

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