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Debojyoti Ray (Querist)
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30 December 2016 SIR I HAVE RECEIVED AN AMOUNT OF RS.240000 IN CHEQUE FROM MY EMPLOYER FOR CONSULTATION FEE IN ADVANCE FOR THE PERIOD FROM NOV TO MARCH 2017 ON 20 TH NOVEMBET.I HAVE ALSO DEPOSITED RS 48000 OLD NOTES IN MY BANK ACCOUNT ON 12TH NOV 2016.AS THE TOTAL DEPOSITES EXCEED RS250000.CAN IT FETCH NOTICE FROM INCOME TAX DEPARTMENT?WILL BANK INFORM THE WHOLE TRANSACTION TO THE INCOME TAX AUTHORITY.

Amol S Joglekar

Amol S Joglekar (Expert)
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30 December 2016 As per the existing norms....NO.
But you are not sure of tomorrow because every day the Govt is changing its stance.
(In your case, even if it is called for scrutiny, you can explain the same things as given in your query.)

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