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Cash deposit compliance

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161313 Points)
Replied 07 February 2017

Originally posted by : Prashant Thakkar
My self Retail Traders and cash deposit in bank Rs.10,35,000/- on 15-11-2016. My cash position are on under:
As on 31-03-2016 was Rs. 2,00,000/- and Sales Receipt From 01-04-2016 to 08-11-2016 was Rs.9,50,000/- and Sales Receipt from 01-04-2016 to 30-12-2016 was Rs.13,25,000/- and I have deposited cash in bank Rs.10,35,000/- on 15-11-2016.
e.i. Cash in Hand as on 8-11-2016       Rs. 11,50,000/-
     Cash in Hand as on 31-03-2016     Rs. 2,00,000/-
     Cash deposit in Bank                   Rs. 10,35,000/-
Cash Receipt up to 08-11-2016           Rs. 9,50,000/-
Cash Receipt up to 30-12-2016           Rs. 13,25,000/-
Cash Receipt 09-11-16 to 30-12-16     Rs. 3,75,000/-
Please guide me how to fill up my figure in ITO notice form.

As per half available data, reply cannot be given, as the cash deposited in bank and any payments from April 2016 to 8th Nov., 2016 are missing. And as per the given data AO is sure to catch unaccounted cash, so better take help of local CA to figure out some solution.



mahavishnu (Proprietor) (107 Points)
Replied 07 February 2017

What is the defination of Identified person or Un identified person. in the daily sales 


Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161313 Points)
Replied 07 February 2017

Identified person means whom you know, having its address or even PAN, and if required can be produced before ITO for verification. Unidentified (in sales) is sales to any stranger.


Prashant Thakkar (Tax Consultant) (26 Points)
Replied 07 February 2017

 in option B 1 cash out of earlier income or seving , please inform me which cash are fill up cash as on 31.3.2016 or cash as on 8.11.2016, becouse if i written cash as of 8.11.16 in this coloum  i  have not require fill up any other coloum as per my knowledge becouse i have cash on 8.11.16 was 1125000/- and i deposited 1035000/- during the period 9.11.16 to 30.12.16.

if i fill up cash in coloum B.1 as of 31.3.16 i have fill up all coloum becouse i have cash as on 31.3.16 is 200000/- 

so request you pl. guide me which as cash are saw in coloum B.1


Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161313 Points)
Replied 07 February 2017

First clarify whether there was no cash deposited to bank till 8th Nov., 2016. also no cash expenditures/payments in this period?




Manirul Islam (Tax Consultant) (49 Points)
Replied 07 February 2017

dear sir

what to reply for cash deposit of sbi customer service point. actualy the amount is deposited by different customer to deposit the amount in their repspevtive account.. Now what to reply to income tax for cash deposit during 9th Nov to 30th Dec.

pls advice me

 


Swapnil Datir (Student) (26 Points)
Replied 07 February 2017

If I had Rs. 6,00,000/- as closing cash balance on 08/11/2016 out of which Rs. 5,00,000/- were high denomination notes. Den do I have to simply show source as "cash on hand ".or do I hv to show d source of Rs. 5,00,000/- i.e. closing balance also.


Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161313 Points)
Replied 08 February 2017

@ Manirul Islam: Cash received from Identified person, as reimbursment by customers of SBI at customer service point.

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161313 Points)
Replied 08 February 2017

@ Swapnil Datar: "If I had Rs. 6,00,000/- as closing cash balance on 08/11/2016 "  You are required to show the source of the cash at hand as on 08/11, may be only for 5 Lakhs deposited.
 



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