a person cash deposit in two savings bank accounts rs:25 lacs(14+11) show in 26as question: assess cash deposit transactions how to show procedure in it returns.
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Quick Summary
Depositing a large sum of cash into your bank account, such as Rs 25 lakhs, requires careful consideration when filing your income tax returns. The key is to clearly demonstrate the source of this cash. The tax department is less concerned with the deposit itself and more interested in its origin, whether it be from loans, sales, or other legitimate income streams. Ensure you have documentation to support the source of your funds to satisfy any queries.
You need to show the source of cash deposited in the account because i.e the income, depositing cash in account is not an issue with department, issue is from where you get such a huge amount of cash either a loan sale amount or any. search for source of cash you will get answer to your question.