Cash deposite in bank in old curency

This query is : Resolved

monika (Querist)
Follow

10 November 2016 sir i am earning some income since i have got age of 18 years but this income was in tax free slab so i have not file income tax return detail are here
2008-09 income rs. 180000
2009-10 income rs. 190000
2010-11 income rs. 190000
2011-12 income rs. 190000
2012-13 income rs. 200000
2013-14 income rs. 200000
2014-15 income rs. 250000
2015-16 income rs. 250000
total income rs. 1400000

i have made personal house hold exp. rs. about 560000 in these year , now have about rs. 840000 in cash in old curency , i have never file income tax return in these year because i have not taxable income
so question arise that
can i deposite these amount of rs. 840000 in my bank acount in old currency ?
will income tax department accept my this explainetion ?
will any tax liability arise or not ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

10 November 2016 Seems difficult to establish your stand. If so, tax liability attracts on Rs. 14,00,000 and penalty of twice the amount ( as per report in vernacular daily) will be levied.

Message likes : 1 times

monika

monika (Querist)
Follow

10 November 2016 sir please explain in detail

Upgrade to CAclubindia Pro. Subscribe Now!

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

10 November 2016 Income tax department will not accept your explanation. Deposit the amount in the bank and pay applicable taxes.

Message likes : 1 times

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

10 November 2016 Your Explanation can not be justified , so you are liable to tax for Depositing the amount.

Message likes : 1 times

monika

monika (Querist)
Follow

10 November 2016 but sir it is of my saving , i was not any bank acount in these year , and this income was in tax free slab in deffrent past year

monika

monika (Querist)
Follow

10 November 2016 CAN I DECLERE INCOME OF RS . 250000(TAX FREE)+150000 (CASH GIFT FROM RELATIVE)= RS. 400000 WITH FILE ITR OF 2014-15
AND
ANOTHER RS. 250000(TAXFREE)+ 150000 (GIFT FROM RELATIVE)= RS. 400000 IN ITR OF 2015-16 WITH FILING ITR AT NOW
2014-15 INCOME RS.400000
2015-16 INCOME RS. 400000
TOTAL RS. 800000
SO CAN I DEPOSITE RS. 800000 IN CASH IN BANK ACOUNT AT NOW WITH OUT PAYING ANY TAX

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

11 November 2016 As you have not filed any return as on date, IT dept will not accept your views. The entire 8 lacs will be considered as income of the current year.

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!

monika

monika (Querist)
Follow

11 November 2016 sir as we can file ITR of last two year at now , so we will file ITR of last two year before deposite cash in bank

can it department any objection on it?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

11 November 2016 Dept may or may not accept your view. Deposit of cash above 2.50 lacs is liable for scrutiny.

CS Abhijeet soni Advocate

CS Abhijeet soni Advocate (Expert)
Follow

11 November 2016 @ MONIKA YOUR CLARIFICATION AND EXPLANATION OF YOUR INCOME PURELY FABRICATED AND INCOME TAX DEPARTMENT WILL NOT GIVE RELIEF IN YOUR EXPLANATION , NOW TIME YOUR WILL TAXED ON THIS AMOUNT . AGREED WITH OTHER EXPERT ANSWERS.