• Cash in hand

i have filled the income in march 2016 (assessment year 2016-17 and financial year 2015-16) and had shown case in hand 7 Lacs and 78 thousand Rs.Now if i deposit that money in my account will it be again taxable.But i had already shown and declared it to revenue department.
Asked 7 years ago in Income Tax

Hello Sir,

If you have already paid tax on an Income then it shall not be taxed again. It is against the basic principle.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Rohit R Sharma
CA, Mumbai
2104 Answers
95 Consultations

5.0 on 5.0

Dear Sir,

If you have shown this amount as cash in hand in your return of income during AY 2016-17 and it's also showing in your current books of accounts(which i am sure should be th case), there is no problem in depositing this in your bank account.

You don't need to pay taxes again.

Please feel free to call/ revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

dont worry not tax implication on depositing declared cash in hand

Anuj Agarwal
CA, Aligarh
61 Answers

4.4 on 5.0

No it will not be taxable

Shyam Sunder Modani
CA, Hyderabad
1408 Answers
164 Consultations

5.0 on 5.0

Dear Sir,

As per general principal of Income Tax Act income once taxed can not per taxed again.

if you have shown this amount in books of accounts in AY 16-17 and 15-16. It will; not be taxable.

For any further clarification, feel free to contact us.

Shiv Kumar Agarwal
CA, Delhi
489 Answers
74 Consultations

5.0 on 5.0

Hi,

since you have already the cash amount in your IT return, it would not be taxable.

if any query raised , you can easily say, that the cash amount is already declared.and show the IT return as proof.

just check whether your return is processed and you have received the intimation under section 143(1) regarding process of the return.

Vishakha Agarwal
CA, Bangalore
448 Answers
85 Consultations

5.0 on 5.0

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