07 August 2014
Notice is received if an assessee makes a cash deposit of more than 10lakhs in a saving account in one financial year. can that be avoided if the assessee opens two seperate bank accounts and deposit an amount of 9lakh each.
in short my doubt is IS THE LIMIT OF 10LAKHS BASED ON EACH ASSESSEE OR EACH SAVING ACCOUNT
07 August 2014
Income tax deptt make query form bank regarding the rs. 10 Lacs or more deposit in cash in a year. it is identify by PAN or your address. If you make two or three SBa/c it may possible you recived the notice due to your PAN will same.
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