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REGARDING CASH TRANSACTION IN SAVING A/C (Income Tax)

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This query is : Resolved


( Author )
14 August 2010

I WOULD LIKE TO KNOW WHEN A PERSON IS LIABLE TO FILE THE RETURN IF HE IS DEPOSITING CASH IN HIS SAVING A/C IN REGULAR INTERVAL (IN CASE OF PAN HOLDER). WHAT IS THE MAXIMUM LIMIT OF CASH DEPOSITING IN SAVING A/C. WHAT PROBLEMS CAN BE OCCUR?


CA. SANAT PYNE

( Expert )
14 August 2010

THERE IS NO PROBLEM TO DEPOSIT CASH IN SAVINGS ACCOUNT EXCEEDING 1000000 IN A YEAR.


B.Chackrapani Warrier

( Expert )
14 August 2010

If cash is deposited in savings bank account aggregating to ten lakhs rupees or more in a year the bank will file the said details in form 61A, called annual information return, to the income tax department. Conseqently, the tax department,may ask you the source of the deposits whether you had filed income tax return or not.


Taranjit Singh

( Expert )
14 August 2010

cash deposits seek pan no after 49999 except 4 metro does not allow cash deposit over 20000.


sachin alwadhi

( Expert )
14 August 2010

AGREED WITH MR TARANJIT SINGH


murtaza

( Expert )
15 August 2010

yes, agreed with experts,
transaction or deposit of any high numbered fund, the transaction person has to give the details or source of fund from where he/she has received if dept. ask if they not find your IT return in their data. and also now every bank PAN no. is important to deposit or transfer any high cash to another or same person a/c. and for other deposit & investments it is also important to quote depositor's pan.


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