Question:
Will it be a problem if a friend deposits 30 lakhs in my savings bank account and I don't have a source of income to show?.
See Also
Income tax: 5 cash transactions that can attract I-T noticeCash deposit of about 5.5 lakhs in my savings accountIncome tax: These 5 cash transactions may attract I-T notice. Details hereYou could end up with an income tax notice due to these cash payments - The tax man is watching you for these transactionsSection 285BA of the Income tax Act
This section requires all specified person shall report all specified transaction registered or recorded by them during a financial year. This requires bank to report any cash deposit aggregating to ten lakh rupees or more in a financial year of a person.
Answer and Explanation:1
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Yes. The Income tax Department receives information through its AIR network , ie Annual Information Return. Hence , when Rs 30 Lakhs will be deposited...
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