Dear Sir,
What is the Basic limit in a financial year for Fixed deposit account of an individual, above which the IT Department may issue a notice to the individual? earlier i think it was 10 Lac's Suppose Last financial year 2020-21 Mr. A made one fD for Rs.525000/- same renew in April 2021 include interest. in April 2021 Last week Mr.A made one fD for Rs.112000/- and again Mr. A make one more FD in 1st week of May 2021 Rs.166000/- Can he face any issues
Kindly someone elaborate. Thanks in advance
CAclubindia
