Hello, i have received a self cheque of 2.6 lakhs from my friend. he has signed the cheque at the back as well. If i encash the same, will this be considered as my income? if yes what i need to do /declare this source of income while filign my ITR...I am a salaried person .pls advice
if your bank account has transactions more than your known source of income then the banks also monitor Suspicious Transactions and have to submit such reports to law enforcing agencies. Cash Transaction Reports and Suspicious Transaction Reports are part Anti Money Laundering Guidelines and to keep a check on terrorist activities.
Self cheque is like a bearer cheque. It is like the account holder is withdrawing himself through the bearer of the cheque. That could be anyone. But if you deposit the same in your account,you could be questioned as to the source of this transaction. If the cheque amount is Rs 2.6 lakhs, you may have to give your PAN number to the bank for withdrawal.