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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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

Ganeshbabu K (Expert)
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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

CA LOKESH KASAT, FCA, M.Com

CA LOKESH KASAT, FCA, M.Com (Expert)
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26 November 2013 Ready to disclose source of income.

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