Cash deposite


Anup Gaikwad   13 December 2019

Anup Gaikwad

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cash deposit in bank
he is the income for itr.

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Miss Mansi Bhojani (Practicing Chartered Accountant)     13 December 2019

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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.

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Kapadia Pravin   14 December 2019

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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.

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sabyasachi mukherjee   14 December 2019

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@ anup
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.
assumption:
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....

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Shivam RC (Student)     14 December 2019

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Cash Deposit to Bank is usually not your Income. The question is what is the source of the cash income.

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Kapadia Pravin   15 December 2019

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Please use like button instead of repeating already replied query.

ashok gupta   16 December 2019

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If unexplained, will it be treated as income u/s 69A

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Kapadia Pravin   16 December 2019

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Askok, the answer to your query is there in my above post.

Yes , it will be treated as income under 69A

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Ritwick chatterjee (student)     16 December 2019

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What harm in repeating? Any loss? or any rule?

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Kapadia Pravin   16 December 2019

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Ritwick, Good point
what benefit in repeating ? Any advantage to Forum users ?

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