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 9 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
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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
1709 Answers
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dont worry not tax implication on depositing declared cash in hand
Anuj Agarwal
CA, Aligarh
43 Answers
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No it will not be taxable
Shyam Sunder Modani
CA, Hyderabad
1366 Answers
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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
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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
402 Answers
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