Savings bank deposit - demonetization

Hello,

I have not filed returns since my income is already taxed (TDS) @ 10% - professional fees.

Now I have 25 lakhs cash which I will deposit in savings bank account - this is my agricultural income of last many years.

Can I file returns for last 2 years and this year to show this amount and pay the tax? or is it tax free as it is agricultural income? or will I get 200% penalty?

Replies (1)

""I have not filed returns since my income is already taxed (TDS) @ 10% - professional fees."

TDS is not income taxed, but a liability declared to department. Bound to get letter from department, based on TDS deducted.

You are required to prove that the cash you hold is AGRICULTURAL INCOME. If proper justification not provided, penalty will be levied.

Contact an expert, and try to declare whatever possible as per law.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 August 2026
PAID ARTCILE ASSISTANT

My Legal Tax Consultants Pvt. Ltd.

Noida

CA Inter

View Details
Company
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER

Anupam Parashar & Co.

Ghaziabad

CA Final

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
ARTICLESHIP 26 August 2026
CA Article Assistant/CA Drop Out/Accounts Executive

PARV & Co.

New Delhi

CA Inter

View Details
Company
14 August 2026
Semi Qualified

Goyanka & Associates

New Delhi

CA Inter

View Details
Company
25 August 2026
Senior Accountant

MG Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 17 August 2026
CA Article Trainee

ASC Group

Noida

CA Inter

View Details
Company
ARTICLESHIP 25 August 2026
CA Article's

Saini Pati Shah & Co LLP

Mumbai

CA Inter

View Details