Huge cash deposit after 10 years of the saving (tax)??

Tax queries 315 views 4 replies

Amit Kumar Bansal

Job/Blogger

693 Points Posted on 15 January 2019

I am filling my ITR by Rs 2,50,000 from the last ten years, that means I am disclosing my income of Rs 2,50,000 to the income tax department from 10 years. Now I have 25 Lakhs, I deposited the whole amount in my saving account on 11th years,

My question is inome tax department ask me to pay tax or should I get any notice?

Replies (4)

Giridhar S Karandikar

Team Lead

7558 Points Posted on 15 January 2019

you can get a notice from the dept and you wud be required to disclose the source of the deposit else it will be considered as undisclosed income and tax wud be levied @ 30%

shailendra shukla

Bhopal

1741 Points Posted on 15 January 2019

considering the practical aspects of the present scenerio it's neither possible nor feasible for you to survive without spending amount that you earned for basic survival itself......... notice may be given and according to me this is not an acceptable answer by you for the source of 25 lakhs.....😊

Saifullah Khalid

Autodidact/Curious

638 Points Posted on 16 January 2019

Originally posted by : Amit Kumar Bansal
	I am filling my ITR by Rs 2,50,000 from the last ten years, that means I am disclosing my income of Rs 2,50,000 to the income tax department from 10 years. Now I have 25 Lakhs, I deposited the whole amount in my saving account on 11th years, My question is inome tax department ask me to pay tax or should I get any notice?

Though its not illegal to keep any amount of cash/past savings in one`s home BUT post demonetization things have changed , First and major (interesting ) question is " if some one was having so much of cash with him then why that was`nt deposited in bank account at the time of demonetization ? or the whole sum was in lower denomination notes/bills of rupee 100/50/20/10 ??? very strange ... and questionable... "

Guest

The amount of cash savings would be Rs 250000*10=2500000 Less household expenses Less other investments like vehicles, Fds, Mutual funds, property etc