I am salaried individual below taxable income. One of my friend deposited 90000 cash in my saving account in F.Y. 2019-20 (lumsum deposit in a single day )and i have purchased online software for him for the said amount, invoice is in my name. Will i have to show this cash deposit in my ITR return? Does i have to pay any tax on this transaction!
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Cash deposit in saving account
Replies (11)
Cash deposits details are not required in ITR
You are not liable for pay tax on this transaction because this is not your income.
It's a cash deposit?
You are not liable for pay tax on this transaction because this is not your income.
It's a cash deposit?
As said by you, if it's received for purchase of software on behalf of your friend then there's no necessity to show it in your ITR
Are u running a business of software.
payment upto 2 lacs is allowed as per income tax act for each transaction.
payment upto 2 lacs is allowed as per income tax act for each transaction.
@ Vinayak
You need not have to show this cash deposit in ITR
You do not have to pay any tax on this issue.
You need not have to show this cash deposit in ITR
You do not have to pay any tax on this issue.
This is not your income,it is a cash deposit.
@ vinayak
it's better to show it as income from profession.
it's better to show it as income from profession.
How can it be income as i have not sold anything.. I have purchased software from this cash on behalf of my friend. My friend does nto having access to online payment so i have purchased on behalf of him. Thats so simple.
Why your friend will give you money unless he has a pecuniary interest.
It has happened in many instances....
If your friend has the cash he has utilized your knowledge since he is not competent enough to decide.
what's wrong in it?
It has happened in many instances....
If your friend has the cash he has utilized your knowledge since he is not competent enough to decide.
what's wrong in it?
MY FRIEND DOES NOT HAVE ONLINE NETBANKING FACILITY SO I PURCHASED ON BEHALF OF HIM. IS THERE ANYTHING WRONG IN IT!
@ vinayak if you are able to prove the source and nature of receipt, there's no issue. Moreover these things are considered when your case is selected for scrutiny and when AO asks nature of receipts. So don't worry about it now
Online transactions can be carried out without net banking facility.
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