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?
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.
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
CAclubindia
