Deposit in s.b a/c

This query is : Open

Sudarshan (Querist)
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30 December 2012 If sum of Rs. 9,00,000/- is deposited in S.B A/c and after 2 months it is taken back.

How does this affect in annual income tax declaration? what are the Income tax related issues wiil arise on this?

Please suggest.

V K Bajaj

V K Bajaj (Expert)
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31 December 2012 Mr Narender though hint is that you deposited and withdrawn by Cash. Also dates of deposit and withdrawal should have been given.

Now:

a) You could be asked (if noticed by authorities) as source of these funds and to whom it was paid. Also you will be required to justify the transaction by cash in stead of Cheque/Draft.

b) If asked you have to consult an experienced expert to fabricate a solid reason.

c) At present SILENCE is better and do not air your query here and there as ENEMIES are always present within relatives and friends.