saving ac
This query is : Open
07 September 2016
if total of payments received in saving ac on different dates of same amt exceeds 10 lakhs, what will be the consequences of it ?
07 September 2016
you might get an explanation seeking letter from income tax dept.
07 September 2016
no. You can continue with the same.
07 September 2016
ok thanku sir.... wht are the chances of getting this notice?
07 September 2016
You are most welcome.....
the chances are dependent on various other factors like....area, amount, frequency of crossing the limit etc.
the chances are dependent on various other factors like....area, amount, frequency of crossing the limit etc.
07 September 2016
you are most welcome.
07 September 2016
if you have submitted ur pan to bank and file the return. then no letter will come.
but if u have not submitted pan and cash deposits summation is more than rs 10 lacs then notice will must come
08 September 2016
actually rtgs had been received in saving ac. Also the same amount had been withdrawn from bank time to time. so now any notice can come?
08 September 2016
If it is RTGS, no signal goes to IT Dept on the cash credit summations basis. But keep evidences in your hand to explain about nature of such receipts in your interest
Message likes :
1 times
08 September 2016
Presently, Banks are not required to furnish Non Cash transactions details in SB Accounts to IT dept.
so no problem
Message likes :
1 times
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- FORM 26A APPLICABILITY
- Copyright software
- SFT Cash Deposit in Current Account
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
