Dont be afraid if there is tax query or scrutiny on the basis of AIR information. You have legitimate answer for source of cash deposited which I understand can directly be linke to withdrawls.
The time to issue scrutiny notice for FY 08-09 (AY 09-10) and FY 09-10 (AY 10-11) is already over. If you have not received any notice, just relax. Dont repeat this in future. You can simply draw a chque to transfer funds from one account to other or use NEFT facility for online transfer.
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dear sir thanks
thnkx for your reply,i have recd this notice one week back and prepared a statement of withdrawl and deposit of both accounts through pass books and sent the answer , they told me it has gone to it commissioner.
i dont know its crime to do that as my deposits are 20thousand above limits and its a joint account in which i deposited.
is there a fine i have to pay on this , although i did these things to take care of out goings pressure .
i have been a salaried throughout and never recd any cash from anyone ,my 80%of deposits are on same day as withdrawl ,only thing is that its salary account of one bank to joint account of another bank.
kindly share if these things settle with enquiry or i have to pay some penalty although all the money was tds .
warm regards
vijay
I think this is not a scrutiny notice but a notice as a result of special drive launched by CBDT for verification of high value transactions i.e AIR information as declared by CBDT in press release of 18.1.2012. If the deposits are not found to be justified then proceedings for reassessment u/s 147/148 are initiated afterwards. However in your case the deposits seem justified.
See the press release at the below link:
http://blog.amitbajajadvocate.com/2012/01/cbdt-launched-special-drive-for.html
dear sir
as i am not in mumbai anymore so if i handover case to any it consultant what should be fees to handly my case where i have all records straight and all answers ready .
or can my wife handly without being harassed by Income tax people/