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 11 months ago in Income Tax from Guwahati, Assam
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
1680 Answers
5.0 on 5.0
  Talk to Rohit R Sharma
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
1886 Answers
5.0 on 5.0
  Talk to Abhishek Dugar
dont worry not tax implication on depositing declared cash in hand
Anuj Agarwal
CA, Aligarh
43 Answers
4.4 on 5.0
  Talk to Anuj Agarwal
No it will not be taxable
Shyam Sunder Modani
CA, Hyderabad
1373 Answers
5.0 on 5.0
  Talk to Shyam Sunder Modani
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
225 Answers
5.0 on 5.0
  Talk to Shiv Kumar Agarwal
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
404 Answers
5.0 on 5.0
  Talk to Vishakha Agarwal

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other Questions

Chartered Accountants

Lakshita Bhandari
CA, Mumbai
386 Answers
5.0 on 5.0
Abhishek Dugar
CA, Mumbai
1886 Answers
5.0 on 5.0
Keerthiga Padmanabhan
CA, Greater Mumbai
534 Answers
5.0 on 5.0
Rohit R Sharma
CA, Mumbai
1680 Answers
5.0 on 5.0
Lalit Bansal
CA, New Delhi
322 Answers
5.0 on 5.0
Vidya Jain
CA, Kolkata
349 Answers
4.0 on 5.0
Pradeep Bhat
CA, Bengaluru
361 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
598 Answers
5.0 on 5.0
B Vijaya Kumar
CA, Hyderabad
633 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
404 Answers
5.0 on 5.0