Deposit in bank

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2017 in my uncle's bank account there is a deposit of Rs.173567,462845,72993,462845(total-1172250) on the date 02/09/2014 and on the same date there is withdrawl of Rs.1170000. Now he wants to file return for the F.Y.2014-15 and he just remember that withdrawl was for the purpose of purchase house on his son's name and he does not remember the source of receipt and even in bank passbook proper narration is not mentioned.now what can be consequences?and what should we do?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

26 March 2017 File the return disclosing the sources and pay applicable taxes before this March end other wise you will receive notice from IT department, in case of cash deposit exceed 10 lacs.

Studentsca

Studentsca (Expert)

26 March 2017 Ask him to remember the sources of deposits correctly in a manner he can explain to the authorities or pay tax as it will be deemed his undisclosed income.

Taxes along with interest and penalty will be levied hefty.

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