Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Urgent info needed regarding amount deposited in bank

236 views 2 replies

Vishal Agarwal

Self Employed - IT

7 Points Joined November 2016

Hi,
I was working in Bangalore from 2006-2009 and from 2012-2014. I then shifted to my hometown to work under my dad. In this period of time, I saved around rupees 8 lakhs but kept it at home and didn't deposit it in the bank. My IT returns balance sheet shows Rs. 12 Lakhs in cash in hand.

Will you please tell me if I can deposit my Rs. 8 lakhs in my savings account? I am very tensed to lose my money.

Thanks and regards,
Vishal

Replies (2)

Hitesh Khanna

Accounting & Finance Taxation Company

839 Points Joined September 2010

You must deposit this money as soon as possible into your bank account.
Though there might be a possibility that you might get a Notice from Income Tax Department seeking explanation about the source of such deposit - So you should better start arranging your papers say Form 16 or Salary Slips, Form 16A , your bank statements etc and put them together in a File so that you can present them as and when needed.

Vishal Agarwal

Self Employed - IT

7 Points Joined November 2016

I dont have any of the items mentioned by you as after shifting to my hometown I thought its unnnecessary to keep it. The salary account got closed long bank too.