Income Tax: The authorities has supplied reduction to housewives relating to earnings tax. The complete earnings tax deposited by housewives after demonetisation is not topic to investigation.
Income Tax: The authorities has supplied reduction to housewives relating to earnings tax. The complete earnings tax deposited by housewives after demonetisation is not topic to investigation. However, this amount ought to not exceed 2.5 lakhs. The Income Tax Appellate Tribunal (ITAT) has held that such deposits can’t be handled as earnings. Gwalior-based housewife Uma Agarwal has declared a complete earnings of Rs 1,30,810 for the yr 2016-17. After demonetisation, she deposited Rs 2.11 lakh in her checking account. The Income Tax Department has demanded earnings tax on this amount. The lady, who disagreed with this, approached the Income Tax Appellate Tribunal. Agarwal mentioned the amount was deposited in the type of financial savings given to the household by her husband, son and family. CIT (Appeals) did not settle for this clarification and confirmed the order of the Assessing Officer treating the money deposit of Rs 2.11 lakh as unexplained cash. Agarwal then took the matter to the Income Tax Appellate Tribunal (ITAT).
Lalit Kumar, a judicial member at ITAT in Agra, and Dr Mita Lal Meena, a member of the accounts, mentioned, “The total amount of Rs 2,11,500 deposited by the woman during the demonetisation was within the limit of Rs 2.5 lakh. Therefore it cannot be considered as access revenue. This does not mean she got it. So there will be no tax on it. ” Said. Agarwal mentioned the tribunal had saved the amount by including small sums acquired from her husband, kids and family in its order. Its full particulars are additionally given. There is no hurt in accepting this. Therefore, no tax authority is ample to levy tax on it.
Exemption on deposits up to Rs 2.5 lakh.
Exemption is given to girls who’ve deposited up to Rs 2.50 lakh at the time of demonetisation. The ITAT Judicial member mentioned, “We have made it clear through this case that housewives made this saving decision during demonetisation 2016. This judgment can be considered as an example of the action to be taken in respect of the money saved of Rs. 2.5 lakhs. ” Said.
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