CASH DEPOSITS LIMIT IN BANK AS PER INCOME TAX

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Student CA CPT
25 Points Posted on 30 December 2022

Hi, Sir

This is Shiva Kumar ,my cash deposits exceeds 10 lakhs so, is there any problem while filing the ITR, and through my credit card transactions are 50 lakhs more , I got massages from IT Department like HIGH VALUE TRANSACTIONS, what should i do for this please let me sir,

 

Thank You

G Shiva

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On 30 December 2022 at 16:23 Report
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Quick Summary
If you've deposited over £10 lakhs in cash or made significant credit card transactions, you might receive 'High Value Transactions' alerts from the IT Department. It's crucial to file your Income Tax Return (ITR) immediately. Ensure the income details in your ITR can justify these transactions; if not, revise your return promptly. Banks are obligated to report cash deposits of £10 lakhs or more.

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SEO Sai Gr. Hosp.
212503 Points Posted on 30 December 2022

First thing is to file ITR immediately, if not filed earlier.

Secondly, check if the income detail submitted in ITR are able to justify the High Value Transactions. If, not revise it at earliest..

Bank are required to report the cash deposits of Rs. 10 lakhs & more in any saving account or accounts held by assessee.

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On 30 December 2022 at 18:06
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Practising CA
8954 Points Posted on 30 December 2022
Agreed with Dhirajlal Rambhia sir
1 Reply
On 30 December 2022 at 21:56

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