04 March 2022
I'm a trader and I have to transfer big amount from my broking account to savings account and now with increasing earning the amount is getting bigger.
So I have "10 lacs" fund and I need it that full amount for 2 days only so transfer it from my savings account to my broking account and other 5 days of week I don't need it so want to transfer back to savings account to earn intrest on that sum.
So basically I have to move it from my "one income source" to "second income source" Evey week.
10 lac ×52 week = 5.20 crores transection would be yearly in my accounts.
So "what should I do to avoid income tax department notice or any doubts on me?"
As I'm doing it only in my account (or sometime my family members account) and it's my only income source.
05 March 2022
No question of clarification in advance, as that option is not available. It is better not to involve your other member;s accounts. Better open a separate savings account linked with the brokerage account, and do such transactions only from that account, so that in case of inquiry the explanation can be easy.
05 March 2022
Thank you so much sir for your response🙏
From now I will only use only one seprate Saving account for all these transactions as per your suggestion.
One doubt I have , Is there any chance of IT notice because of such "huge" transection?
Because I don't know whether it is legal as per law?
And What should I do to explain this as legal transection.
Although I am filing my IT return since 3 years for 3 lacs/year and , the other part of fund fund is sourced with my parents fund for which also IT return is filed already
CAclubindia
