If sum of Rs. 9,00,000/- is deposited in S.B A/c and after 2 months it is taken back.
How does this affect in annual income tax declaration? what are the Income tax related issues wiil arise on this?
Please suggest.
Sudarshan (Others) (64 Points)
30 December 2012If sum of Rs. 9,00,000/- is deposited in S.B A/c and after 2 months it is taken back.
How does this affect in annual income tax declaration? what are the Income tax related issues wiil arise on this?
Please suggest.
CA D.C. Bansal
(Accounts Head)
(283 Points)
Replied 31 December 2012
You will have to prove the source of this deposit and that you have considered the same while preparing your income tax return.
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