I am filling my ITR by Rs 2,50,000 from the last ten years, that means I am disclosing my income of Rs 2,50,000 to the income tax department from 10 years. Now I have 25 Lakhs, I deposited the whole amount in my saving account on 11th years,
My question is inome tax department ask me to pay tax or should I get any notice?
| Originally posted by : Amit Kumar Bansal | ||
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I am filling my ITR by Rs 2,50,000 from the last ten years, that means I am disclosing my income of Rs 2,50,000 to the income tax department from 10 years. Now I have 25 Lakhs, I deposited the whole amount in my saving account on 11th years, My question is inome tax department ask me to pay tax or should I get any notice? |
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Though its not illegal to keep any amount of cash/past savings in one`s home BUT post demonetization things have changed , First and major (interesting ) question is " if some one was having so much of cash with him then why that was`nt deposited in bank account at the time of demonetization ? or the whole sum was in lower denomination notes/bills of rupee 100/50/20/10 ??? very strange ... and questionable... "
CAclubindia
