Cash
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 April 2018
it is mandatory for a banking company or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person to the Income tax department .my query if the deposited cash more than 10 lakh is accounted (white) ,can IT department create any problem ?
23 April 2018
Yes. Please see item 1 of table to rule 114E(2).
If deposited amount has source/ tax suffered, no problem.
If deposited amount has source/ tax suffered, no problem.
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