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Regarding cash deposit
Sir I am an govt employee,and permanent resident of UP and I am posted in Himachal,Sir my query is that I have made the invested in post office sum of rs more than 10 Lac in up sir at the time of maturity I have deposite cash ,the matured amount in account of my wife,because I have no bank account in up.Sir now income tax department issue a notice to my wife regarding cash deposit.Sir may I have deposit the said amount in the account of my wife if yes please mention the section of income tax act
Replies (4)
nothing to worry Mr. rajat. ask your wife submit a written submission, stating that the source for the cash deposits were made out of cash withdrawal made from your bank account and submit copy of your bank account. that's enough
Thanks very much sir
you are welcome rajat
Yes. There is nothing to worry as you did not hide anything. It's your income which is being deposited to your wife's account.
Actually the fact is whenever you deposit 10Lac or more amount in your bank, then the bank itself send such information (that this much amount has been deposited) to Income tax Deptt. because it is bank's legal liability under Income tax act and if your return etc has not been filed then Deptt. send you the notice. But if your reply is satisfactory to AO then you NEED NOT TO WORRY ABOUT ANYTHING.
So next time whenever depositing amount keep this information in your mind. And Do what Mr. Rama Krishnan suggested you.
You will be come out clear very easily. 🙂
Actually the fact is whenever you deposit 10Lac or more amount in your bank, then the bank itself send such information (that this much amount has been deposited) to Income tax Deptt. because it is bank's legal liability under Income tax act and if your return etc has not been filed then Deptt. send you the notice. But if your reply is satisfactory to AO then you NEED NOT TO WORRY ABOUT ANYTHING.
So next time whenever depositing amount keep this information in your mind. And Do what Mr. Rama Krishnan suggested you.
You will be come out clear very easily. 🙂
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