Transaction above 25,00,000 by cheque?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 November 2013
I HAVE RECEIVED WROTH rs 25,00,000 IN MY SAVING BANK ACCOUNT THROUGH CHEQUE, WILL INCOME TAX WILL CREATE ANY PROBLEM? OR DO I HAVE TO GIVE REASONING FOR THE AMOUNT ? I HAVE NEVER FILLED MY RETURN IN ANY PREVIOUS YEAR?
DO I WILL GET ANY NOTICE FROM INCOME TAX DEPARTMENT?
PLZ HELP URGENT.
DO I WILL GET ANY NOTICE FROM INCOME TAX DEPARTMENT?
PLZ HELP URGENT.
26 November 2013
It is better that u have sufficient supproting evidence for above amount in case if it knocks your door u are prepared for it..dont worry they will not check each ones a/c ind.
Ganeshbabu K
(Expert)
26 November 2013
it is possible that income tax department will ask you explanation about this...
.
.
so ready with some explanation..if it is any income you have to pay tax and file income tax return
.
.
so ready with some explanation..if it is any income you have to pay tax and file income tax return
26 November 2013
Ready to disclose source of income.
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