Cash deposited in bank
This query is : Resolved
23 April 2012
Dear Sir,
I want to know the information about the cash deposited in bank in ondays more than 50 thousand. The person have PAN No. but the he is not file the income return. His total income is Rs.1,20,000/-. from salary.
If cash deposited in his bank account in ondays more than 50 thousand any tax liability arise or can ask from IT Department.
Kindly suggest the information as earilest.
Thanks & Regards.
Kadam.
I want to know the information about the cash deposited in bank in ondays more than 50 thousand. The person have PAN No. but the he is not file the income return. His total income is Rs.1,20,000/-. from salary.
If cash deposited in his bank account in ondays more than 50 thousand any tax liability arise or can ask from IT Department.
Kindly suggest the information as earilest.
Thanks & Regards.
Kadam.
CA PARAS BAFNA
(Expert)
23 April 2012
In case of the amount of Rs 50000/ or 60000/ deposited in a single day, tax liability does not arise. The only thing is that the account holder must act reasonably.
In case frequent deposits above Rs. 50000/ or aggregate cash deposits exceeding Rs 10.00 lacs in a year are observed in a particular account, Bank has to report such transactions.
.
In case frequent deposits above Rs. 50000/ or aggregate cash deposits exceeding Rs 10.00 lacs in a year are observed in a particular account, Bank has to report such transactions.
.
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