cash deposit in bank
he is the income for itr.
12 Replies
Miss Mansi Bhojani
(Practicing Chartered Accountant)
(1736 Points)
Replied 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
(17264 Points)
Replied 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.
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
(27746 Points)
Replied 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....
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....
Shivam RC
(Student)
(23683 Points)
Replied 14 December 2019
Cash Deposit to Bank is usually not your Income. The question is what is the source of the cash income.
Kapadia Pravin
(17264 Points)
Replied 15 December 2019
Please use like button instead of repeating already replied query.
ashok gupta
(67 Points)
Replied 16 December 2019
If unexplained, will it be treated as income u/s 69A
Kapadia Pravin
(17264 Points)
Replied 16 December 2019
Askok, the answer to your query is there in my above post.
Yes , it will be treated as income under 69A
Yes , it will be treated as income under 69A
Ritwick Bhanusali
(student)
(127 Points)
Replied 16 December 2019
What harm in repeating? Any loss? or any rule?
Kapadia Pravin
(17264 Points)
Replied 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. ""
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. ""
Ritwick Bhanusali
(student)
(127 Points)
Replied 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 !!!
Ritwick Bhanusali
(student)
(127 Points)
Replied 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!!
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