Mohammed Shariq (Chartered Accountant) (51 Points)
17 February 2011Kindly advise me , an assessee has no business neither is is self employed nor professional i.e. in short he has no source of income. in such cases, if the total transactions of bank exceeds Rs 20 Lacs then does any section of Income Tax Act, 1961 gets attracted. is there any prescribes limit of transaction in saving bank a/c. the above said transactions are also associated with saving account. Thank you.
no as such there is no inqury , however if there is any cash withdrwal or deposit more than 10 lks in account , bank do send the details of transaction to income tax department and the department might give a notice under sec 142 for filling a return or if no income showed in reture inquiry may take place
however if there is such transaction no provision get attracted towards the assess
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 17 February 2011
despite of no query, one has to keep the minimum records ready for ready reference, as in such cases most of times we have seen that department comes to search point direct.
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