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I have been an honest tax payer ,never knew cash deposit limits etc,never had any cheque bounces but did deposit cash withdrawn from my own salary account .