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 ?
Amol S Joglekar
(Expert)
07 September 2016
you might get an explanation seeking letter from income tax dept.
Amol S Joglekar
(Expert)
07 September 2016
no. You can continue with the same.
07 September 2016
ok thanku sir.... wht are the chances of getting this notice?
Amol S Joglekar
(Expert)
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.
Amol S Joglekar
(Expert)
07 September 2016
you are most welcome.
ASHWANI DHANUKA
(Expert)
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 Also the same amount had been withdrawn from bank time to time.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
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ASHWANI DHANUKA
(Expert)
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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