Cash deposit in saving Bank

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This query is : Resolved

Quick Summary

This discussion addresses concerns about depositing cash into savings and RD accounts, particularly when the deposit amounts are within the disclosed annual income. The consensus is that if your cash deposits are justifiable and align with the income you've declared in your Income Tax Returns (ITR), you should not face any issues or receive notices from the IT department.

Surinder

Surinder (Querist)

02 April 2022
Dear Sir,

My previous annual income Is 191000/-(FY 2020-21) ITR filed in July 2021. cash deposit in SB account and RD account in April 20 to March 21 Rs.104000/-in FY 2021-22 annual income is Rs.202000/- ITR will be filed in up coming month Cash deposit Rs.147000/- RD, Saving,PPF so can I face any issues/ notice from IT department.

CA R SEETHARAMAN online

CA R SEETHARAMAN online

(Expert)

02 April 2022 Deposits within the income disclosed in the ITR. No problem no notice will be issued to you from income tax.

CA Puja Sharma

CA Puja Sharma (Expert)

02 April 2022 No notice will be issued by the Income Tax department in the above case because the cash deposit is justifiable with the income disclosed in the return.

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