excess deposits in savings account
sateesh yangal (13 Points)
06 August 2018sateesh yangal (13 Points)
06 August 2018
Saifullah Khalid
(Autodidact/Curious )
(633 Points)
Replied 06 August 2018
Originally posted by : sateesh yangal | ||
Deposited cash of Rs. 10,00,000 or more in a saving bank account |
Depositing 100000 (lacs) or more of CASH in savings account will be reported by bank to ITD departed in form of AIR/SFT , you will have to justify the source/nature of the cash deposited ... no explanation/justification or unsatisfactory explanation/justification regarding the source/nature of the cash will attract penal provisions ...
Sathish Sub
(Marketing)
(22 Points)
Replied 07 August 2018
The best Savings Account for you is the one that not only has great returns but also beneficial offers. Utkarsh Small Finance Bank offers higher interest rate of uptp 6%* with unlimited withdrawals and Rs.1 Lakh* Personal Accidental Insurance cover & more.
CA VIRAL SANGHVI
(Finance head)
(681 Points)
Replied 07 August 2018
if you have deposited the amount greater than 10 lakh in saving account than be ready with the source of income as there might be the possibility of your accounts would be selected for scruitiny.
Suraj Agarwal
(Self Practitioner in Income Tax & GST)
(782 Points)
Replied 07 August 2018
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