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Cash deposited during 09.11.2016 to 30.12.2016

Tax queries 1009 views 2 replies

Dear Sir/Madam,

                    In ITR-1 form for FY 2016-2017, on page PART B-TTI, there is a space for mentioning tax deposits done between 9th Nov,2016 to 30th Dec,2016.

                   My query is that if a person has deposited Rs. 220000 cash in his bank account during the above mentioned period, the whole Rs. 2.2 lakhs is treated as income and is taxable OR from that amount of Rs. 2.2 lakhs only the amount of Rs. 20000 is taxable ? 

Awaiting your reply.

Thank you.

 

Replies (2)
Nothing is taxable unless proved otherwise.

you just have to put the details of cash deposits made during the demonetization period. that's it.

if it comes under scrutiny and you are not able to provide necessary explanation about the source of the cash then the question of taxability arises.

Thank you Sir for your quick and accurate reply.


CCI Pro

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