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Deposit in bank 36L

14 December 2021

i am a slaried employee . my salary is 15L credited to my bank sb account .besides that some bank tranfers are done in the account.but at the end of the year total deposit side amount comes to 36L.Since only 15L is my income i file ITR showing my salary only.is there any issue as the total deposit is 36L.??pls reply thanks in advance

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5247 Points)
Replied 14 December 2021

The credit given to the account is wrong credit. At any point of time Bank is entitled to reverse it and credit to the correct account holder. It is the responsibility of the account holder to inform the mistake to the banker and rectify the same.

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Janak Shah (ca) (603 Points)
Replied 14 December 2021

There will be no issues. You can easily show then as loan or advances. Moreover IT department will not bother unless physical cash is deposited in account.

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NICSON JOHN (514 Points)
Replied 15 December 2021

Ok thank u sir..but one more doubt sould i clarify for what these loans are taken ??and since i am filing itr 1 where is the place to show loan and advance?? pls reply thanks in advance