How to Explain Cash Deposited in A Bank Account | CA Anoop Bhatia
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- Опубліковано 11 вер 2024
- Tax Planning Course: taxplanningfor...
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. Dear Friends, whether depositing cash in a bank account is a crime ? How much cash can be deposited in a bank account, over and above this if one receives a notice from Income Tax Department asking for the source of cash deposit then how to prove such source to the authorities etc are very important question which need awareness and knowledge enhancement amongst public at large. Accordingly, this video being presented in above context to serve all. I hope you will find this video useful and effective. Your precious suggestions and questions are most welcome.
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So the conclusion is that the tax officer wont accept any reasons he is interested to issue you a penalty, and banks are allowed to take cash to prove a person wrong later on
Thank you sir for the knowledge giving.
Welcome.
when accepting cash more then 20 thousand is prohibited then how would the source justification help
Sir, can I deposit Demand Draft of 25 lakhs given by someone on my name? Will I still get notice from Income Tax?
Ban k shouldn’t allow to accept cash which is more why they allow and why Govt send notices People are not aware of all these …. govt is really bad
You have a valid point.
G.N. Ghorpade (Huf) vs Dy. Cit on 24 December, 1999
Sir Inam land judgement please make video on this issue thank you
Isn't depositing cash is violation of section 269ST ?
Very informative sir , 🙏
Thanks and welcome
In a case, source of income is dairy income during demonetization and paid 18.5 lakhs what and how to answer. I have no invoice for dairy mil selling
You should be able to prove the dairy activity with the help of other evidences like confirmation from milk buyers may also be submitted.
Hi My mom without awareness She deposited cash in bank After 10 years they sent a notice to prove Cash deposit How can we prove this case My mom sold property They gave some cash How can we provide proofs now Can you please let me know Thanks
It's really a challenge but you may avail help of a nearby CA how may guide how to attend the assessment.
Namaste sir
Is it possible that when dept serves 148A to assessee and assessee files offline return (although it is invalid) before issuing 148 and pays his due tax liability to the govt account. In that case penalty will be levied by AO when 148 opens for underreporting or misreporting
If one complies with u/s 148A i.e. before 148 notice by way of paying tax and may be by filing ITR with delay condonation then there are higher chances of saving such person from levy of penalty u/s 270A.
we deposited cash 18L into a savings account, this was obtained by selling the land property. the buyers gave this as cash, and now I received an email from the Incom Tax department, I don't live in India, can I ignore this email?
How did you handle bro? Even I m also having same problem
@@reddyv1259 eventually we ignored it so far, we will think about if they come back
Are you a farmer who has no other income chargeable to tax ? The property you sold is agricultural land?
@@shivangipatel.
No, it's not agricultural land. Well, I don't live in India. In fact, I don't have any income in India. I only got a Pan card, it's taken for address proof in the past. Never paid any income tax in India. never did any Job in India
@@aravind4444 how did you get this property in India which you sold?
Bhae jaldi jaldi bola keo
Thanks for feedback.