Fixed deposit at a time to a bank in tax liability?
This query is : Resolved
30 August 2019
MY CLIENT HAS DEPOSITED R.S. 10 LAKH IN A BANK AS A FIXED DEPOSIT IN THIS ASSESSMENT YEAR 19-20. MY QUESTION IS,
. IS THERE ANY TAX LIABILITY WHEN 10 LAKH
RUPEES FIXED DEPOSITED AT A TIME IN A ASSESSMENT YEAR? OR THERE WILL ANY NOTICE FROM INCOME TAX FOR SOURCE OF THE ₹ 10 LAKH AMOUNT?
. IS THERE ANY TAX LIABILITY WHEN 10 LAKH
RUPEES FIXED DEPOSITED AT A TIME IN A ASSESSMENT YEAR? OR THERE WILL ANY NOTICE FROM INCOME TAX FOR SOURCE OF THE ₹ 10 LAKH AMOUNT?
31 August 2019
1) Tax liability -
If the source is not proved, in reply to notice if any received, tax liability will arise.
2) Notice -
Bank will report details of Fixed deposits of a person aggregating to Rs. 10 lakh or
more in a financial year per rule 114E of the IT Rules,1962. Consequently, IT dept
will issue notice to the depositor.
If the source is not proved, in reply to notice if any received, tax liability will arise.
2) Notice -
Bank will report details of Fixed deposits of a person aggregating to Rs. 10 lakh or
more in a financial year per rule 114E of the IT Rules,1962. Consequently, IT dept
will issue notice to the depositor.
02 September 2019
can i previously show the source of the ₹10,00,000 in income tax return form? if yes, then which income tax return from are eligible for it?and please tell the column number of the itr form where i can set up the source of the amount
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
