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Whether income tax applicable on deposited of cash in bank
if i deposited cash of 50000 today.and tommorow this amount is transferred to coaching institute as a fees then what consequences regarding income tax.
Replies (3)
If enquired , you should be able to justify the source of cash deposit of Rs 50000/-.
One commonly used reason is - deposted out of past drawings / withdrawals
One commonly used reason is - deposted out of past drawings / withdrawals
If cash deposit of Rs.50000 is already taxed in earlier P.Ys then there is no question of Income tax on such deposit provide you should be able to justify your explanation on enquired by department.
No , as such no one is willing to aske the source of that deposit... because it is bank.. if you cash deposit in any other pvt institution so there is penal provisional in act.
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