Fixed deposit from past saving

Save Share

This query is : Resolved

Quick Summary

This discussion addresses concerns about making Fixed Deposits (FDs) using past savings, particularly for individuals who haven't consistently filed Income Tax Returns (ITRs). The consensus is that making an FD of Rs. 1.5 lakhs from past savings is perfectly fine and should not attract any notices from the Income Tax department, especially since an ITR has now been filed. The individual has sufficient explained income sources to cover these investments.

Surinder

Surinder (Querist)
Follow

29 March 2022 Sir,

I am earning since 2009 due to my annual income is basic limit so I have never file itr I am saving from Rs.around Rs 1 Lacs in each year from salary. Salary deposit by company in my salary account which was opened by company in his state. We have transferred some amount from salary account to my other saving account for FDR.In April 2020 I have made fd in for Rs.5 Lacs for 3 years and 1lacs for one year after completed one year fd value included interest credit in my saving account.
In April 2021 I have made one more fd in for Rs.2 Lacs for 3 years.In FY 2020-21 my annual income bit increased from basic limit and July 2021 I have filed ITR for Rs.268000 salary + Interest from FD and saving account.
So can I make one more fd for Rs.1 lac 50 thousand or note can I face any issues/ notice from IT department for my past saving. I have deposit Rs.2 Lacs in cash in past 12 years.in my saving account
Please suggest