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Cash Deposit IT notice

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152 Points Posted on 07 July 2019
Dear All,

one of my clients deposited cash of more than 3L in his bank account which is a return of a hand loan he given in the past, and he has a yearly income of 10L from his job.

is there any chances of getting IT notice for this deposit of yes is any alternate on this..

Please suggest..
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On 07 July 2019 at 13:32 Report
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student
312 Points Posted on 07 July 2019

If that is the only cash deposited in a financial year, there would not be much difficulty, chances of getting notice 50:50.

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On 07 July 2019 at 16:42
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193 Points Posted on 10 July 2019
As per my knowledge if any person deposits 2lacs in single transaction or 10 lacs in multiple transactions in a year will get notice.
Correct me if I am wrong
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On 10 July 2019 at 23:23
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Student
7053 Points Posted on 13 July 2019
not necessarily
the chances depend on the declaration of deposit
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On 13 July 2019 at 18:42
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7059 Points Posted on 04 August 2019
good clarification and information
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On 04 August 2019 at 13:03


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