Fixed deposit

This query is : Resolved

parth shah (Querist)
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30 September 2013 hi....i want to make a fd for rs.7 lakh.
can i directly deposit cash in my saving account for dat?and if i do so is der any income tax problem ? in my last year it return i have shown cash only rs 78000....

plz advice.....

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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30 September 2013 Yes, you have to explain for the sources of investment. means from where and how you get such amount and if such receipt is taxable then you has to pay tax on such. For any full clarification please contact any nearest CA or your auditor means where you filing your IT returns.

OM SAI SRI SAI JAI JAI SAI

CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Expert)
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30 September 2013 Yes you have to declared the source of Income.

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CA Pallav Singhania

CA Pallav Singhania (Expert)
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30 September 2013 Agree with Experts,

Any interest driven on Such FD will be taxable under the head Income From Other Source,
You have to follow the same procedure as you did in the last year...