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Cash deposite

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122 Points Posted on 13 December 2019
cash deposit in bank
he is the income for itr.
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On 13 December 2019 at 18:27 Report
Replies (12)
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Practicing Chartered Accountant
1736 Points Posted on 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.
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On 13 December 2019 at 19:24
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17264 Points Posted on 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.
101 Reply
On 14 December 2019 at 00:00
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Profession Business
28207 Points Posted on 14 December 2019
@ 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....
44 Reply
On 14 December 2019 at 11:19
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Student
23688 Points Posted on 14 December 2019
Cash Deposit to Bank is usually not your Income. The question is what is the source of the cash income.
97 Reply
On 14 December 2019 at 22:55
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17264 Points Posted on 15 December 2019
Please use like button instead of repeating already replied query.
101 Reply
On 15 December 2019 at 06:55
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67 Points Posted on 16 December 2019
If unexplained, will it be treated as income u/s 69A
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On 16 December 2019 at 09:45
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17264 Points Posted on 16 December 2019
Askok, the answer to your query is there in my above post.

Yes , it will be treated as income under 69A
101 Reply
On 16 December 2019 at 10:07
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student
127 Points Posted on 16 December 2019

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

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On 16 December 2019 at 10:35
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17264 Points Posted on 16 December 2019
Ritwick, Good point
what benefit in repeating ? Any advantage to Forum users ?

Forum Rule -

""""
Do not reply to threads with messages like I agree thanks, etc etc. Instead use the thank user icon just below the profile detail of the user in each post.Try to add value with your each post. ""
101 Reply
On 16 December 2019 at 11:50
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student
127 Points Posted on 16 December 2019

Yes, I agree; but the same aplies to your posts also.

More than 80% of your posts are just repeats in different words !!!

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On 16 December 2019 at 13:46
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17264 Points Posted on 16 December 2019
I disagree
101 Reply
On 16 December 2019 at 14:37
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student
127 Points Posted on 16 December 2019

Rather you don't accept... Recheck your all the posts.... very rarely attended new threads, just replying to already attended posts...

Be bravo brother... and accept the rule before asking others to follow it..

And in case you don't like others to repeat... Why don't you join Experts section..... there you have liberty to close the query!!

1 Reply
On 16 December 2019 at 14:51


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