Fixed deposit at a time to a bank in tax liability?

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BISWAJIT MAIKAP (Querist)
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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?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

BISWAJIT MAIKAP

BISWAJIT MAIKAP (Querist)
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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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