Miss Mansi Bhojani (Practicing Chartered Accountant) 13 December 2019
Cash deposit is taxable as income or not depends upon the limit of deposit and the cash balance in books. Also the proof of source of cash that is deposited will determine the nature of income and its taxability.
Kapadia Pravin 14 December 2019
Cash deposit as such is not assumed as your income.
But onus is on you to show convincingly the source of cash deposited in Bank when any notice is received from Income Tax Department.
If you fail to explain the source of cash deposits to the satisfaction of AO then AO will treat that much cash as unclaimed cash deposits and that much cash amount will be put to tax at flat rate of tax. Plus interest and penalty will follow.
sabyasachi mukherjee 14 December 2019
any cash deposit is not taxable.
you hv not mentioned the amount.
so as long as u are within threshold limits you there is no problem.
say if you earn only Rs.2 lacs and th e receipts are not exceeding the limits specified in Sec 44AB OR THE income tax slab.
then it is not taxable .
paying a tds deducted by your clients.
you should also obtain form 16 to claim tax credit....
Kapadia Pravin 16 December 2019
Ritwick, Good point
what benefit in repeating ? Any advantage to Forum users ?
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