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Erroneous deposits
what is the tax consequence for erroneous deposit of rs.10,00,000
Replies (3)
Quick Summary
Deposits are not taxable but interest is taxable. Now another thing is pertinent for how long the individual has deposited the same.
Bank will include those deposits in AIR , if proven guilty he needs to pay tax at higher rate
I do not think so . Sufficient backups cannot empower bank. It's not the bank.
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