SIR IF I DEPOSITE RS48000 ON 12/11/2016 AND AGAIN ON 20/11/2016 THUS MKING A TOTAL DEPOSITE OF RS96000; IN MY SB A/C DOSE IT INVITE A SCRUTINY NOTICE FROM INCOME TAX DEPARTMENT.
7 Replies
Mahdi kamal
(Tax Consultant)
(46 Points)
Replied 17 November 2016
there will be no scrutiny as it is under limit .. you can deposit upto 2.50 lacs. Above on this ..bank will file AIR.. and the depositor will get IT notice.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193950 Points)
Replied 17 November 2016
No AIR reporting, for cash deposited upto 2.50 L upto 30.12.2016, so based on that your cash will not be reported to department for at least CASH DEPOSITED
Jaspal Singh
(Practising CA)
(449 Points)
Replied 17 November 2016
Hi,
It would be better if you also keep in mind the amount you have deposited till date from beginning of year i.e april 2016
Vishal Varun
(Student)
(648 Points)
Replied 17 November 2016
do not deposit 50000 or more in a day
and not more that 2.5 lakh upto 31st dec in aggregate.
and not more that 2.5 lakh upto 31st dec in aggregate.
amit kadam
(a)
(78 Points)
Replied 17 November 2016
If I have Avaialble Cash Rs.500000/- And Deposit With Three Friends Accouts name of Mohan, Anil, Ashish Rs.150000/-, Rs.150000/-, Rs.200000/- Respectivily, then Withdrawa Any problem ????
Vishal Varun
(Student)
(648 Points)
Replied 18 November 2016
at present it doesn't look like any problem will arise. but in near future there should be some change in law for this...
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