CCI Online Coaching    |    x

Savings account transactions

This query is : Resolved 

29 March 2012

Few of my clients receiving Notice from the income tax department mentioning that thier transactions in the savings bank account Exceeds Rs.10 lakhs and they have to submit PAN and Return of income for the Period in which the transaction exceeds Rs.10 lakhs? Is the AO having any authority to go through the bank accounts of the individual without the knowledge of the Concerned person ?
Kindly advice me

CA Siddhartha Bhardwaj (Expert)
29 March 2012

Banks are required to submit an AIR to the Income Tax Department. In this AIR they are required to give details of saving accounts in which cash deposits of Rs. 10 lakhs or more have been made during the year.

So, the AO only has this information. He has NOT gone through the bank accounts. He only has information that such and such person has deposited cash exceeding Rs. 10 lakhs in his bank account.

You need to be the querist or approved CAclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

× Online Coaching My Enrolled Courses
Articles Forum News Experts Exams Share Files Income Tax Accounts Career Corporate Law Service Tax Video Judgements Rewards Top Members Events Albums Find Friends Featured Feed Scorecard Bookmarks Mock Test Poll Notification Knowledge Finder Coaching Institutes Trainee Corner Jobs
close x