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Depositing Rs 48000 in bank two times

17 November 2016

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.

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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.) (160322 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) (321 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

mr. roy it recommended that

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.

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 ????