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credit of amount

(Guest)

If some one credits me 20 lakh to my SB account, will there be any problem fore in future

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 15 October 2018

Through bank....?! I think Logically No..

But,

(If some one) means what...?

In case ITD ask the details then You ll reply the same way as "Some One". So, Better to get/have details...

(Guest)

I mean to say some one as my friend..

My doubt is can this transaction is traceble by IT deprt

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 15 October 2018

Yes... Dept is definitely found this transaction.

sanjith kotni (Articled assistant) (663 Points)
Replied 15 October 2018

As per rule 114E of income tax rules banks has to report in form 61A to income tax dept regarding certain transactions .one of such transaction is cash deposits aggregating 10 lakhs or more made in any accounts in a financial year .Just check rule 114 E of income tax rules for more clarity with respect to transactions which are reported by banks to IT dept .This rule 114E makes the life miserable if IT dept finds any such transaction