Income of fy 13-14 deposited into bank account in fy 14-15

Kashinath (Accountant) (25 Points)

21 May 2014  

Dear All,

I have a doubt in income tax returns and especially about how bank transactions have to be dealt with.

In FY 2013-14 (AY 2014-15), apart from my salary, I have other income which I will be showing in my IT returns and paying tax for the same. The 'other' income that I have got is in the 'form of cash' and not deposited in my bank account yet.

Income from 'other' source is around 3 Lakhs.

My queries about this are:

a) Can I deposit the cash into my bank account now ? (i.e. in FY 2014-15 [AY 2015-16])

b) Is there chance that the automated income tax scrutiny selection system can cause problem in next year i.e. amount of deposit > declared income for FY 2014-15 (AY 2015-16)

 

Since all my previous returns had only salary component I have never been in this kind of situation.

 

Thanks and Regards,

Kashinath S.