Cash deposits exceeding 1000000 in a f.y
This query is : Resolved
16 February 2017
I had savings bank accounts in multiple banks. My annual income is around 2.5 lakhs. But in case my friend transfer amount into my multiple savings accounts through online/ cheque in regular intervals crossing 10 lakhs excluding my annual income. Even though I don,t have other source of income except my salry. Am I applicable for filing an IT return.? Please provide me a solution.
16 February 2017
If the amount transferred to your ac is in the nature of gift then you have to file the return and pay the taxes.
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