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Cash deposited into saving bank account exceeding 10 lakhs

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147 Points Posted on 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.
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On 04 February 2019 at 22:12 Report
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147 Points Posted on 05 February 2019
thank you veshesh sir
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On 05 February 2019 at 13:03
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147 Points Posted on 05 February 2019
Thank you sir
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On 05 February 2019 at 13:04
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147 Points Posted on 05 February 2019
And sir how to file SFT, can you please guide me sir
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On 05 February 2019 at 13:05
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205 Points Posted on 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?
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On 05 February 2019 at 14:38
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147 Points Posted on 05 February 2019
he has deposited in current financial year
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On 05 February 2019 at 16:45
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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
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On 05 February 2019 at 20:01
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other
301 Points Posted on 05 February 2019

Correct, bank has to report the cash deposits.

4 Reply
On 05 February 2019 at 21:09
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147 Points Posted on 05 February 2019
okkk thank you sir ... thanx to all
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On 05 February 2019 at 21:20
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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.
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On 05 February 2019 at 22:58
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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

6 Reply
On 26 February 2019 at 00:12
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2 Points Posted on 29 August 2019
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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On 29 August 2019 at 16:57


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