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Cash deposit in saving account

Tax queries 543 views 11 replies
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accountant
255 Points Posted on 02 November 2019

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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On 02 November 2019 at 17:12 Report
Replies (11)
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audit manager
459 Points Posted on 02 November 2019
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?
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On 02 November 2019 at 17:59
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12244 Points Posted on 03 November 2019
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
35 Reply
On 03 November 2019 at 00:20
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Profession Business
28198 Points Posted on 03 November 2019
Are u running a business of software.
payment upto 2 lacs is allowed as per income tax act for each transaction.
44 Reply
On 03 November 2019 at 10:54
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17264 Points Posted on 03 November 2019
@ Vinayak
You need not have to show this cash deposit in ITR

You do not have to pay any tax on this issue.
101 Reply
On 03 November 2019 at 11:24
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7059 Points Posted on 03 November 2019
This is not your income,it is a cash deposit.
33 Reply
On 03 November 2019 at 15:08
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Profession Business
28198 Points Posted on 04 November 2019
@ vinayak
it's better to show it as income from profession.
44 Reply
On 04 November 2019 at 15:03
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accountant
255 Points Posted on 04 November 2019
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.
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On 04 November 2019 at 16:03
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Profession Business
28198 Points Posted on 04 November 2019
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?
44 Reply
On 04 November 2019 at 16:54
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accountant
255 Points Posted on 04 November 2019
MY FRIEND DOES NOT HAVE ONLINE NETBANKING FACILITY SO I PURCHASED ON BEHALF OF HIM. IS THERE ANYTHING WRONG IN IT!
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On 04 November 2019 at 17:30
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INCOME TAX OFFICER
1736 Points Posted on 04 November 2019
@ 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
8 Reply
On 04 November 2019 at 18:00
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Profession Business
28198 Points Posted on 05 November 2019
Online transactions can be carried out without net banking facility.
44 Reply
On 05 November 2019 at 12:42


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