Looking to present situation, a house wife, who has own saving of Rs.1.5 L can deposit to her saving account? if yes, she has to file IT return?
saurabh kumar
(Tax Consultant)
(348 Points)
Replied 10 November 2016
She need not file IT return if she does not have any other income apart from that saving.But she should be ready to give valid explanation for that.(suppose she has saved from the income of her husband and her husband has declared it in his return then no need to worry).As per the finance Minister cash deposit above 2.5 lakhs will be matched to the income declared by assessee and if there is no proportionate savings as per the income shown by assessee means if savings exceeds disproportionately anyone's income then he/she will be served a notice from the income tax department.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
