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cash deposit out of saving
If a person income was less than taxable income in the past (never filed IT returns) and he continues to save amount like Rs 50000 in cash, then is there be any tax implications if he deposit accumulated cash of Rs. 12 Lakh (say) in bank??
Replies (2)
You can deposit but only if u show such money as ur cash in hand in itr.
If u have jistifiable reason why such cash is not deposited then u can also deposit but keep in mind that u show it in ur itr
If u have jistifiable reason why such cash is not deposited then u can also deposit but keep in mind that u show it in ur itr
If you are doing business than cash on hand should be more than 12 lacs, but you should produced the evidence that this much amount is gathered in past year.
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