saving ac

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Prerna (Querist)
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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 ?

Amol S Joglekar

Amol S Joglekar (Expert)
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07 September 2016 you might get an explanation seeking letter from income tax dept.

Prerna

Prerna (Querist)
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07 September 2016 is it beneficial to close the account

Amol S Joglekar

Amol S Joglekar (Expert)
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07 September 2016 no. You can continue with the same.

Prerna

Prerna (Querist)
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07 September 2016 ok thanku sir.... wht are the chances of getting this notice?

Amol S Joglekar

Amol S Joglekar (Expert)
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07 September 2016 You are most welcome.....
the chances are dependent on various other factors like....area, amount, frequency of crossing the limit etc.

Prerna

Prerna (Querist)
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07 September 2016 thank u....

Amol S Joglekar

Amol S Joglekar (Expert)
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07 September 2016 you are most welcome.

ASHWANI DHANUKA

ASHWANI DHANUKA (Expert)
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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

Prerna

Prerna (Querist)
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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 Also the same amount had been withdrawn from bank time to time.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?

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)
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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

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Prerna

Prerna (Querist)
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08 September 2016 okay.... thanks all

ASHWANI DHANUKA

ASHWANI DHANUKA (Expert)
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08 September 2016 Presently, Banks are not required to furnish Non Cash transactions details in SB Accounts to IT dept. so no problem

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