Sir
Please suggest as someone told to Mr.X if you made Fixed deposit In a bank for Rs.10 Lacs same information bank send to ITR department and you have to face issue.Mr.x has 2 FD.one is 2019-20 and 2nd one is 2020-21 value of both fd is approximately 8.70 Lac including interest both fd will be renewal in 3rd week of May.so if Mr.x open one more fd in next financial year 2021-22 Rs.300000 total FD value 11.70 Lac does any issues from IT department
please advise
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Fixed deposit personal advise
Replies (2)
No, there will be no issue, but FD source must be done from genuine source of income ,
if everything is on record then there is no issue
if everything is on record then there is no issue
The solution in most of the cases is to voluntary file IT return every year. All the specified transactions and their thresholds get activated when the ITR for such year is not filed.
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