conundrum regarding depositing cash in bank

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deepanshu (Querist)
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16 November 2016 my friend had many transactions in his bank account in the last past months and now he wants to deposit rs2.5 lakhs in his account .So ,if he deposits income tax department will report him ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 November 2016 Old 500 and 1000 notes can be deposited up to 2.50 lacs. Query will be raised by IT dept if no return is filed and cash deposit of more than 2.50 lacs made in the account.

deepanshu

deepanshu (Querist)
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16 November 2016 sir ,he hasn't filled any return yet and he wants to deposit rs2.4lakhs so can he deposit without any problem .He wants to deposit in his saving account where he has balance rs 20k in his account and has made many transactions in past months

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 November 2016 No problem he can deposit it.

deepanshu

deepanshu (Querist)
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16 November 2016 thanks sir

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