Good news for housewives! No Income Tax scrutiny on cash deposits up to Rs 2.5 lakh post demonetisation

Ruling on an appeal filed by an individual, the Agra bench of the Income Tax Appellate Tribunal (ITAT) said the order would act as a precedent for all similar cases.

New Delhi: Cash deposits of up to Rs 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 Rs 1,30,810 in her income tax return filed for fiscal 2016-17. However, post demonetisation, the assessee deposited the Rs 2,11,500 cash in her bank account. Also Read: Audi e-tron to launch in India on July 22, check estimated price, specs and features: In Pics