FDR related issues

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Assistant
362 Points Posted on 31 March 2021
Dear Sir
please advise suppose a person have annual income is less the 250000/-not filed income tax return.he is saving Rs.8K to 13k per month from his salary from approximately Year 2010.in 2017-18 and year 2018-19 he opened 3fd approximately value 8 lac all 3 FD will be renewal in 2nd week of May.so if a person opened one more fd Rs.4 lac does he can face any issues or notice from bank or income tax department.
please suggest in case
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On 31 March 2021 at 21:22 Report
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Quick Summary
This discussion addresses concerns about opening new Fixed Deposit Receipts (FDRs) for an individual with an annual income below £250,000 who hasn't filed income tax returns. The user is seeking advice on whether adding another £4 lakh FD could trigger issues with banks or the income tax department, especially given existing FDRs. The advice given suggests filing income tax returns to easily prove the source of funds if any notice is received.

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Chartered Accountant
24588 Points Posted on 31 March 2021
No problem, Another FD can be opened
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On 31 March 2021 at 21:40
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ArticleShip
393 Points Posted on 31 March 2021
Its better to file income tax return incase if he gets notice also one can show return has source. if you get notice now you need to prove the source of funds
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On 31 March 2021 at 23:24

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