REGARDING CASH TRANSACTION IN SAVING A/C
This query is : Resolved
14 August 2010
I WOULD LIKE TO KNOW WHEN A PERSON IS LIABLE TO FILE THE RETURN IF HE IS DEPOSITING CASH IN HIS SAVING A/C IN REGULAR INTERVAL (IN CASE OF PAN HOLDER). WHAT IS THE MAXIMUM LIMIT OF CASH DEPOSITING IN SAVING A/C. WHAT PROBLEMS CAN BE OCCUR?
14 August 2010
THERE IS NO PROBLEM TO DEPOSIT CASH IN SAVINGS ACCOUNT EXCEEDING 1000000 IN A YEAR.
14 August 2010
If cash is deposited in savings bank account aggregating to ten lakhs rupees or more in a year the bank will file the said details in form 61A, called annual information return, to the income tax department. Conseqently, the tax department,may ask you the source of the deposits whether you had filed income tax return or not.
14 August 2010
cash deposits seek pan no after 49999 except 4 metro does not allow cash deposit over 20000.
14 August 2010
AGREED WITH MR TARANJIT SINGH
15 August 2010
yes, agreed with experts,
transaction or deposit of any high numbered fund, the transaction person has to give the details or source of fund from where he/she has received if dept. ask if they not find your IT return in their data. and also now every bank PAN no. is important to deposit or transfer any high cash to another or same person a/c. and for other deposit & investments it is also important to quote depositor's pan.
transaction or deposit of any high numbered fund, the transaction person has to give the details or source of fund from where he/she has received if dept. ask if they not find your IT return in their data. and also now every bank PAN no. is important to deposit or transfer any high cash to another or same person a/c. and for other deposit & investments it is also important to quote depositor's pan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Eway bill generation from place other than registeted
- Goods sold but invoice not issued
- GST rate and HSN code for sale of racing horses
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
