Amount in bank
This query is : Resolved
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?
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?
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.
If you deposit more than Rs.50000 you need to produce the PAN of the account holder.
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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
.
.
Details of those entries also reflected in Assesse Form 26AS
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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?
can department send him a notice ??
and sir if person deposits 49000 per day , then still are there any chance to receive Department notice?
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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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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