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Can I deposit 7 lakh cash which is already in books


12-Nov-2023 (In Tax Law)
If I have cash in hand of rupee 7 lacs. As per my book of Accounts and IT returns can I deposit the money back into my account with 500 and 1000 rupee notes, will this also attract Income Tax enquiry as it's about 2.5 lakh rupees?
Answers (1)

Answer #1
898 votes
Yes you can deposit 7 lakhs if u have shown cash in hand balance in ur books of account. That clause of Rs 2.5 lakhs would apply if u deposit 2.5 lakhs which are unaccounted. Since this is ur accounted cash u can deposit.
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