Tax deduction and computation

This query is : Resolved 
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This discussion addresses concerns about the income tax and GST implications of depositing a large cheque. The user is seeking clarification on potential liabilities when filing income tax after depositing Rs 21 lakh. The response clarifies that bank insurance does not affect the credit of the cheque and that the bank will likely inquire about the source of the funds.

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(Querist)
05 July 2022 Hello sir,
I have query Income tax s related, I have deposited Rs 21lakh cheque..
and have insurance in SBI BANK.
what liability i face at the time of filing income tax.... and what are the effect on GST.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
05 July 2022 What is the source of income for the deposit.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
11 July 2022 Bank insurance has no effect over credits of 21 lakhs cheque. Even bank will inquire about its source.
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