sb account doubt.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 May 2011 Hi...I have an sb a/c in corp bank,recently my relative wanted a DD for 750000 rupees, so we went and deposited the amount in my sb a/c and in an hour v got DD for the required sum.. My question is,is there any tax amount i need to pay to the bank? i never transacted such a amount of money before, as i am a student... are there any future consequences??? Pls respond.

U S Sharma

U S Sharma (Expert)
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27 May 2011 if you have sufficient tax paid cash in hand then you don't have to get tensed,

in case of any query, you have to need to satisfy the department regarding the source of money and nature of tax paid, thats all.

in absence of such evidence, the amount may get considered income for current year and may invite tax on it, as per slab.

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