Around 10 lakhs deposited in sb account in fy 12-13
PanesarKDS
(Querist) 05 August 2013
This query is : Resolved
Hello Gurus,
Please help in resolving a query that I have got into. I had deposited 10 lakhs (in 2 times & 5 lakhs each time) in my joint account with my wife. We had received an amount of 23 lakhs (9 lakhs via cheque & rest in cash). I had to deposit all this money in my account as there was no way of keeping this money at home. Now, my CA is telling me that he cannot show any source of income for this 10 lakhs & other smaller deposits made in my account & we have to pay the tax at around 30%.
Please suggest any ways for getting this sorted out correctly, as I have never been involved in these kind of things & may have made some mistakes regarding the cash handling.
Devajyoti Barman
(Expert) 05 August 2013
Please consult another CA.
You have enough money in your account and you can easily consult competent professionals.
R.K Nanda
(Expert) 05 August 2013
contact another ca.
PanesarKDS
(Querist) 05 August 2013
Thank you very much for the precious replies... :)
As a side note, I have a little hobby business of mine (Photography) as a part time & I have earned some money out of that as well in the past, but only in cash. Can I utilize it as a source for showing some of the amount mentioned above. This business is not registered at anywhere, I manage it from my home only.
I mainly work (full time) in Computer related firm & help in day to day IT stuff.
Vidhi Joshi
(Expert) 05 August 2013
so you mean you have earned through professional fees??...if so then ask the other party to deduct tds
Rajendra K Goyal
(Expert) 05 August 2013
You may take second opinion from another tax consultant.
