cpc

air notice-cash deposit of 10.20lacs in one year


Hi Experts,
I am a salaried employee at mumbai,filing it returns for past 10years.
 
by ignorance i have been withdrawing cash from my salary account in icici bank and depositing cash in north kanara bank for clearing my credit card and personal loans dues during 2008-09-10.
The account in which we used to deposit is joint account with my wife.
I have done withdrawl of 11lacs in 2008-9 and 14.lacs in 2009-10 and deposit of 10.35lacs in 2008-09 and 9.56 lacs in 2009-10.
i have recd a query from income tax regarding this.
i have been under pressure to clear credit cards /personal loans from which were as usual going thru north kanara bank being my account since 2000.
i realise it was not correct but i have been duly paying tds/return as required by salaried employee.
it was probably a shorter way of instant credit thru cash to realise out goings in those two years.
Now we realised that the limit on saving account cash deposit is rs 10lacs per annum,is it same for jopint accounts?
I have been an honest tax payer ,never knew cash deposit limits etc,never had any cheque bounces but did deposit cash withdrawn from my own salary account .
kindly guide.
regards
 
vijay
 
Reply   
 
Director

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.


Total likes : 1 times

 
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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

 
Reply   
 
Director

You have not done any crime.

 

I wonder how can you receive notice last week. you should have received first notice before 30th September 2011. Please attach a scanned copy of notice. May be its all sham.

 
Reply   
 

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

 
Reply   
 

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/

 
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