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ASBA appln 2 lacs

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(Querist)
23 January 2011 Dear Sir,

I want to know that if i will do ASBA IPO application for Rs.200,000/- then will I get the Notice from the I.T. Authority for clarification for sources of funds and create the problem of Scrutiny/Inquiry from I.T. Dept ?

And Whether it is advisable to apply for Rs.1 lac or Rs.2 lacs to avoid any problem/notice from I.T.Dept.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
24 January 2011 IT can make inquiry for Rs. 1 . So you can not presume while apply for Rs. 2 lacs you will have to make explanation to IT.
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CA. Vipin Patni

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CA. Vipin Patni (Expert)
25 January 2011 IT Department can enquire on any amount of money. If u have proper explanation about the source of the money than it will not invoke any srutiny or any problem for u.
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Alay

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Alay (Querist)
30 January 2011 Thanks for Reply.
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