I am an CA Final student & have been filing income tax returns of many people in my personal capacity. The fees that ive recieved for same has all been in cash & the same was deposited in bank.
Now i've offered the same as my income under the head "Income from other sources" as the same is not my profession but just an ancillary activity helping me in earning income & consequently have also paid my taxes on same.
I need following clarifiations regarding same.
1. Is the head " Income from other sources" correct?
2. Since these are mostly cash deposits , what kind of proof of source of income can i maintain?
3. Can the AO , during assessment , claim the same as income without source and levy penalty?( assuming these are cash deposits & i have no proof for the same)
4. What can be my defence towards the same.
Kindly guide me through it.
CAclubindia
