Amount in bank

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Harsh Wadhwa (Querist)

24 December 2014 Please tell that
does bank provide detail to income tax department?

if a person deposits money in his saving account, what is maximum amount he can deposit in one day and is there any limit in bank balance?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

24 December 2014 There is annual report system by bank to Income tax about the cash deposits and other details in any account.

If you deposit more than Rs.50000 you need to produce the PAN of the account holder.

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Ganeshbabu K

Ganeshbabu K (Expert)

24 December 2014 If in a day total debit or total credit transactions exceeds Rs.10,00,000 same will be reported by bank in their AIR(Annual information return)
.
.
Details of those entries also reflected in Assesse Form 26AS

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Harsh Wadhwa

Harsh Wadhwa (Querist)

25 December 2014 sir, in that case if a person does not files return, and does not show his source of income,,,,

can department send him a notice ??

and sir if person deposits 49000 per day , then still are there any chance to receive Department notice?

Rupesh Jain

Rupesh Jain (Expert)

25 December 2014 deptt. can send the notice on the basis of the information received from any deptt. and if rs. 10 lacs deposited in a year then you received the notice, you deposit the amount rs. 49000/-in day.

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Harsh Wadhwa

Harsh Wadhwa (Querist)

25 December 2014 Thanks Rupesh ji, Please tell me, if assessee having more than 1 saving bank account, and he deposit money in 4 banks,,,,, what will happen in this case?

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