Posts

Showing posts with the label Post Demonetisation
Image
  My Dear readers, followers, taxpayers & clients,   Welcome to my blog. Get yourself update with changes in tax structures.  Income Tax Tribunal Clarifies On Cash Deposits By Housewives Post Demonetisation Cash deposits of up to   ₹ 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the   Income Tax   Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual,   the Agra bench of ITAT said the order would act as a precedent for all similar cases.  The appellant, a housewife Uma Agrawal of Gwalior,   had declared total income of   ₹ 1,30,810 in her income tax return filed for fiscal 2016-17.   However, post demonetisation,   the assessee deposited the   ₹ 2,11,500 cash in her bank account. The case was selected for scrutiny assessment, during which the assessee was asked to explain the cash deposit of over   ₹ 2.11 lakh.   The assessee had explained that   she had coll