Good News! Cash Less Than Rs 2.5 Lakhs Deposited By Housewives During Demonetisation Wil Not Be Taxed

Cash deposits of less than 2.5 lakhs made by housewives during demonetization will not be taxed as per a recent mandate by ITAT Agra. According to the order of the Agra Bench of ITAT, housewives will not face any problem from the Income Tax Department for such deposits.

By: ABP News Bureau | Updated at : 22 Jun 2021 03:52 PM (IST)

Cash Less Than Rs 2.5 Lakhs Deposited By Housewives During Demonetisation Wil Not Be Taxed Good News! Cash Less Than Rs 2.5 Lakhs Deposited By Housewives During Demonetisation Wil Not Be Taxed

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If you are a housewife then this news may cheer you up. According to the order passed by the Agra Bench of the Income Tax Appellate Tribunal (ITAT), housewives who deposited less than Rs 2.5 lakh in the bank during demonetization in the year 2016 will not face any trouble from the Income Tax Department. According to the Bench of Judicial Member Lalit Kumar and Accountant Member Dr Mitha Lal Meena, if the amount deposited by the housewife is less than Rs 2.5 lakh, then it cannot be considered as their income and cannot be brought under the purview of income tax.

A woman had filed an appeal in ITAT regarding the issue. In her appeal, the woman had told the bench that she had deposited Rs 2 lakh 11 thousand 500 in her bank account during demonetization. The woman argued that the amount deposited was a sum from her previous savings given by her husband, children, and relatives. The woman said that she saved the amount for herself as well as her family.

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This order will be an example for all such cases in the country.

According to the order of the bench, "This order will be precedent for all such cases in the country in which a housewife has deposited less than Rs 2.5 lakh in the bank during demonetization." The Bench said that the Tribunal is of the view that the petitioner provided all the information regarding the source of the amount deposited by her. The petitioner mentioned that the savings will be used to meet her future requirements.

The bench said that the petitioner woman submitted all the information regarding the source of her investment. Therefore, it cannot be questioned by anyone. The bench further added, "We would also have rejected this point for once if the Income Tax Assessing Officer had brought before us concrete evidence that the petitioner had not given any information about the source of the amount deposited in the bank and that she did not have any income from the business activity. But in this case, the Income Tax Assessing Officer has not placed any such evidence in front of us."

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Published at : 22 Jun 2021 03:52 PM (IST) Tags: Bank Tax Demonetization housewives

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Good News! Cash Less Than Rs 2.5 Lakhs Deposited By Housewives During Demonetisation Wil Not Be Taxed

Cash deposits of less than 2.5 lakhs made by housewives during demonetization will not be taxed as per a recent mandate by ITAT Agra. According to the order of the Agra Bench of ITAT, housewives will not face any problem from the Income Tax Department for such deposits.

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