Cash deposited into saving bank account exceeding 10 lakhs

Suresh Parmar

147 Points Posted on 05 February 2019

thank you veshesh sir

Suresh Parmar

147 Points Posted on 05 February 2019

Thank you sir

Suresh Parmar

147 Points Posted on 05 February 2019

And sir how to file SFT, can you please guide me sir

There is a possibility of issue of notice by Income Tax Department calling for explanation with respect to such cash deposit into savings bank account. Pls log in to income tax portal and check whether notice has been issued digitally or not?

Suresh Parmar

147 Points Posted on 05 February 2019

he has deposited in current financial year

sundhar jkn

205 Points Posted on 05 February 2019

Even though it is a current financial year, there is a possibility to issue notice. At any point of time, Cash deposit should not exceed 10 lakhs in a year

Kishankant Jha

other

301 Points Posted on 05 February 2019

Correct, bank has to report the cash deposits.

Suresh Parmar

147 Points Posted on 05 February 2019

okkk thank you sir ... thanx to all

sundhar jkn

205 Points Posted on 05 February 2019

Because it is a duty of the bank to given report to income tax department with respect to cash deposit exceeds such limits.

CA. Umesh kumar

ca.umesh11@gmail.com

1465 Points Posted on 26 February 2019

Certain specified entities are required to submit Statement of Specified Financial Transactions (STF) to income tax authority under section 285BA. like sale purchase of property, cash deposit in savings account, credit card expenditure etc.

IF cash deposit more than 10 lac in a year and ITR is not filed then income tax department issue notice. Therefore he should file ITR. CA umesh kumar- 9717597230