Kindly guide
One of my clients has a Salary Income he is a police Officer....
as per AIS report he deposited cash Rs. 11 Lakhs in SB a/c
Client explained that he has taken loan from relatives for house construction and deposited in Bank..
now what is the remedy on this..
as per sec 269ss 100% penalty is there on such transactions...
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Cash deposited in savings account more than 10 lakhs
Replies (3)
Quick Summary
Ok as per SEC 269 ss
Safeguard remedy is required
No problem. This is a banking transaction, so you may not worry about it. Penalty is applicable on non banking transactions over the limit of twenty thousand rupees.
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