Become a Govt. Certified GST Practitioner in just 60 hrs. Register Now!

Cash deposited into saving bank account exceeding 10 lakhs

04 February 2019

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.

Reply
Follow
Share

11 Replies

Suresh Parmar (147 Points)
Replied 05 February 2019

thank you veshesh sir

Upgrade to CAclubindia Pro. Subscribe Now!

Suresh Parmar (147 Points)
Replied 05 February 2019

Thank you sir

Suresh Parmar (147 Points)
Replied 05 February 2019

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

sundhar jkn (205 Points)
Replied 05 February 2019

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)
Replied 05 February 2019

he has deposited in current financial year

Upgrade to CAclubindia Pro. Subscribe Now!

sundhar jkn (205 Points)
Replied 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)
Replied 05 February 2019

Correct, bank has to report the cash deposits.

2 Like

Suresh Parmar (147 Points)
Replied 05 February 2019

okkk thank you sir ... thanx to all

sundhar jkn (205 Points)
Replied 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)
Replied 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

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!