Fixed deposit at a time to a bank in tax liability?
This query is : Resolved
30 August 2019
MY CLIENT HAS DEPOSITED R.S. 10 LAKH IN A BANK AS A FIXED DEPOSIT IN THIS ASSESSMENT YEAR 19-20. MY QUESTION IS,
. IS THERE ANY TAX LIABILITY WHEN 10 LAKH
RUPEES FIXED DEPOSITED AT A TIME IN A ASSESSMENT YEAR? OR THERE WILL ANY NOTICE FROM INCOME TAX FOR SOURCE OF THE ₹ 10 LAKH AMOUNT?
. IS THERE ANY TAX LIABILITY WHEN 10 LAKH
RUPEES FIXED DEPOSITED AT A TIME IN A ASSESSMENT YEAR? OR THERE WILL ANY NOTICE FROM INCOME TAX FOR SOURCE OF THE ₹ 10 LAKH AMOUNT?
31 August 2019
1) Tax liability -
If the source is not proved, in reply to notice if any received, tax liability will arise.
2) Notice -
Bank will report details of Fixed deposits of a person aggregating to Rs. 10 lakh or
more in a financial year per rule 114E of the IT Rules,1962. Consequently, IT dept
will issue notice to the depositor.
If the source is not proved, in reply to notice if any received, tax liability will arise.
2) Notice -
Bank will report details of Fixed deposits of a person aggregating to Rs. 10 lakh or
more in a financial year per rule 114E of the IT Rules,1962. Consequently, IT dept
will issue notice to the depositor.
02 September 2019
can i previously show the source of the ₹10,00,000 in income tax return form? if yes, then which income tax return from are eligible for it?and please tell the column number of the itr form where i can set up the source of the amount
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