Kindly advise me , an assessee has no business neither is is self employed nor professional i.e. in short he has no source of income. in such cases, if the total transactions of bank exceeds Rs 20 Lacs then does any section of Income Tax Act, 1961 gets attracted. is there any prescribes limit of transaction in saving bank a/c. the above said transactions are also associated with saving account. Thank you.
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serious problem
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despite of no query, one has to keep the minimum records ready for ready reference, as in such cases most of times we have seen that department comes to search point direct.
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