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.
Message likes :
1 times
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
Message likes :
1 times
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.
Message likes :
1 times
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?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Copyright software
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Multiple trade mark
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Negative ITC in Table 4(A)(5)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
