Deposit cash in bank account

Abhishek Roy Choudhury (B.Com) (165 Points)

15 November 2016  

Dear Sir,

An Assesse who is paying tax @ 10% slab till A.Y. 2015-16 and in the current year i.e. A.Y. 2016-17 he has cash of Rs. 20.00 lacs which he have to deposit in the bank account. So whether it is possible to deposit that amount and pay tax @ 30% slab by disclosing the amount in ITR for A.Y. 2016-17 and whether threre would be any problem as he is showing higher income than that of previous years.

 

Thanks,

Abhishek.