It return for bank transactions above 10 lachs

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Anindya Choudhury (Querist)

28 August 2011 Is it mandatory for a resident woman individual whose savings bank account transactions exceeds Rs. 10 lachs on a regular basis to file Income Tax Return. Is there any scope with the IT Authorities to track such transactions. If yes, then how???

U S Sharma

U S Sharma (Expert)

28 August 2011 banks have to file report to IT of every account where Rs. 50000 or more is transacted in cash in single transaction/ rs 100000 cash per year.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

29 August 2011 If in a financial year, the cash deposit exceeds Rs.10 lakhs in an SB account the bank will inform such particulars to the Income tax department through 'annual information report'. In turn the IT department will call upon the assessee either to file return or if filed the case will be selected for scrutiny under 'CASS'. In view of the above, the source of the deposit may be cleared and if relates to income element, return filing is the right option.

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