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Whether income tax applicable on deposited of cash in bank

23 December 2019

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.

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3 Replies

Kapadia Pravin (17264 Points)
Replied 23 December 2019

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

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harish prajapati (97 Points)
Replied 23 December 2019

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.

Alok Singh (209 Points)
Replied 24 December 2019

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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