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Multiple cash deposit and withdrawal
One of our client is having multiple cash deposit and withdrawal from the saving account. The single amount deposited was not more than Rs 49000 on any day but aggregate amount was around Rs 36,00,000 during F.Y. 2010-2011. This was reported in AIR by bank and resulted in notice by income tax since PAN number was not disclosed for this account.
Now how can we justify this deposit and withdrawal to the income tax since it was personal and net balance in the account on any day was not more than Rs 2,00,000.
Returns for the same as been filed.
Please suggest.
Replies (1)
The person who have transaction value more than Rs. 35 lakh from savings account, it's quite obvious bankers takes it in suspicious eyes although deposit value is less than 49000.
A point from concurrent auditor is, report any suspicious account.
Income Tax dept definitely find out his/her actual Income. If every thing is okay your client need not to afraid. If there is really any thing wrong, better to have disclose all , then he can claim relief form settlement commission.
A point from concurrent auditor is, report any suspicious account.
Income Tax dept definitely find out his/her actual Income. If every thing is okay your client need not to afraid. If there is really any thing wrong, better to have disclose all , then he can claim relief form settlement commission.
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