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serious problem

Tax queries 684 views 3 replies

Mohammed Shariq

Chartered Accountant

51 Points Joined December 2009

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.

Replies (3)

Guest

no as such there is no inqury , however if there is any cash withdrwal or deposit more than 10 lks in account , bank do send the details of transaction to income tax department and the department might give a notice under sec 142 for filling a return or if no income showed in reture inquiry may take place

however if there is such transaction no provision get attracted towards the assess

Guest

agree with ramsinghania

U S Sharma

glidor@gmail.com

21068 Points Joined January 2010

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.