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Cash deposited into saving bank account exceeding 10 lakhs
please experts advice me regarding below mention matter.
one of my friend has deposited cash into saving bank account exceeding Rs. 10 lakhs and he account is not liable for audit u/s 44 ab.
what can i do.
whether to file form 61 under section 285 ba.
or is there any option to show information in itr.
please experts advice me.
Replies (11)
thank you veshesh sir
Thank you sir
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?
he has deposited in current financial year
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
Correct, bank has to report the cash deposits.
okkk thank you sir ... thanx to all
Because it is a duty of the bank to given report to income tax department with respect to cash deposit exceeds such limits.
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
What happens if total deposits in a year is more than 10lakh and ITR is filed? But not specifically mentioned about deposits
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