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Cash Deposit IT notice

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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..
Replies (4)

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

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
not necessarily
the chances depend on the declaration of deposit
good clarification and information


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