Latest notification of 6th January, 2017 mentions that Banks to submit cash deposits from !st April.to December 16 . Does this mean cumulative deposits i.e before demonitation and during demonitation exceeds 2.50 lacs individuals get a notice from IT dept before filing date for Tax returns.
Read:
" Sr. 13. Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable under Sl.No.12."
Now Sr. 12. "
Cash deposits during the period 09th November, 2016 to 30thDecember, 2016 aggregating to ̶
(i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or
(ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account) of a person.
So, its cash deposits during the period and not the accumulated balance.
Sir,
My query is that if a person deposits say Rs 250000/- from 1.4.16 to 9.10.16 & deposits Rs 10000/- during 10.10.16 to 31.12.16 , whether he is liable to get notice from IT dept or he may submit IT returns in normal course of time . Initially when demonitation scheme was announced it was only about cash deposits during Demonitation period..Regards
Sir,
My query is that if a person deposits say Rs 250000/- from 1.4.16 to 9.10.16 & deposits Rs 10000/- during 10.10.16 to 31.12.16 , whether he is liable to get notice from IT dept or he may submit IT returns in normal course of time . Initially when demonitation scheme was announced it was only about cash deposits during Demonitation period..Regards
No. He will not get notice for cash deposited in any of these periods, because of demonetization - cash reporting.
Normal AIR reporting for the earlier period would have happend if cash deposited more than 50000/- in any account per day. (But thats just routine), not to worry, provided you have genuine source of income.
my one client is carring a business of Retail Kirana Shop. He was deposited cash in bank account in demonetization period out of cash on hand on 9-11-2016. That cash reliased from nature of daily cash sales and on 9-11-16, he was deposited that amount of cash in bank.
so he get noticed from IT Department, and now i want to ask you, which column to apply for that.
B.1 Cash out of earlier income or Savings
or
B.6 Cash received from Un-Identifiable persons (Under nature of transaction CASH SALES)
@ Biyawerwala Hozefa: you can segregate the amount and fill both option as per the actual working.
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