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Urgent info needed regarding amount deposited in bank

Vishal Agarwal (Self Employed - IT) (7 Points)

17 November 2016

Hi,
I was working in Bangalore from 2006-2009 and from 2012-2014. I then shifted to my hometown to work under my dad. In this period of time, I saved around rupees 8 lakhs but kept it at home and didn't deposit it in the bank. My IT returns balance sheet shows Rs. 12 Lakhs in cash in hand.

Will you please tell me if I can deposit my Rs. 8 lakhs in my savings account? I am very tensed to lose my money.

Thanks and regards,
Vishal

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2 Replies

Hitesh Khanna (Accounting & Finance Taxation Company Law Audit ) (839 Points)
Replied 18 November 2016

You must deposit this money as soon as possible into your bank account.
Though there might be a possibility that you might get a Notice from Income Tax Department seeking explanation about the source of such deposit - So you should better start arranging your papers say Form 16 or Salary Slips, Form 16A , your bank statements etc and put them together in a File so that you can present them as and when needed.

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Vishal Agarwal (Self Employed - IT) (7 Points)
Replied 18 November 2016

I dont have any of the items mentioned by you as after shifting to my hometown I thought its unnnecessary to keep it. The salary account got closed long bank too.