Implications of lump sum amount credited to saving bank account

639 views 3 replies

if person receives, maturity proceeds of RS.5 lacs or more by pay order which he require to deposit in saving bank a/c. what are the implications from income tax point of view? what are the ways to invest that amount?

Replies (3)

where did this come from, source>??

Thanks for reply

It comes from retirement proceeds, which are invested in post office MIS

if source of principal is confirmed and tax paid, and interest is also tax paid or deemed to be  tax paid, then no issue, 

in case of any query from department, the assesee has to produce the records and establish that these savings were made from tax paid income in past and interest accured were also offered for tax purpose in the year of accural 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
25 June 2026
Accounts & Taxation Executive

Dindukurthy & Associates

Hyderabad

MBA

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
06 July 2026
C.A./CA Inter OR pursuing C.A./GST/Accounts/Audit/IT - Head

Arvindkumar Maniar & Co.

Rajkot

CA

View Details