FAQ on Cash deposit in Banks after Demonetisation

 

Modiji Demonitisaton, reporting black money

How to convert black money to white




After Demonitisation, we have been getting lot of queries on cash deposits in banks. We collated queries on cash deposit in your bank accounts. Please note that there is no challenge if deposit is upto Rs 2.5 lakhs.

Query: I was getting salary income till last year, From this year, i have been earning tuition income. Can i deposit Rs 2 .oo lakhs i have earned during this 2 years?

Reply:  Sure you can deposit Rs 2 lakhs in your bank account. Please make sure that you file your income tax return as well.

 

Query: I want to deposit Rs 2.5 lakhs in my two banks account -ICICI bank and Axis bank? Will i be getting income tax notice?

Reply: Sure you will be getting income tax notice, if your deposit is Rs 5 lakh in current year( 2.5 lakh in each bank) All your bank account are now linked to PAN number.

 

Query: My son has taken education loan. I have been deposting some cash in his bank account, to repay loan. Will i be getting income tax notice?

Reply: Dear Sir, any cash deposit above Rs 2.5 lakh, will attract income tax notice. It is better to do fund transfer or use cheque to transfer to his bank account. However, in case you have sufficient withdrawals in your bank account and you have some deposit in your accounts then link can be established.

 

Query: I have already deposited Rs 1 lakh till Oct 2016. Can i deposit Rs 2.5 lakh more in my bank account?

Reply: Sir, please note earlier banks were intimating to income tax office if any deposit, were exceeding Rs 10 lakh in a year.  Now after this new notification, any deposit above Rs 2.5 lakhs will be notified to income tax office. In your case your total deposit will be Rs 3.5 lakhs. You van get income tax notice on such deposits.

Query: I am house wife and over a period of 20 years of marriage i have saved Some 2.5 lakhs in csah for my daughters marriage. What is the best way to deposit this cash in my bank account.

Reply: Madam, Please arrange to open a bank account if you don’t have existing bank account. You can safely deposit this amount in your bank account . There will not be any query from income tax department for deposit upto Rs 2.5 lakhs.

 

Query: In have withdrawn some cash during this year, but i was not able to utilise this money. can i deposit this amount in bank?

Reply: Sure Sir, you can deposit under-utilised this amount in your bank account account.

Query:  I have been getting salary of Rs 19000 pm aprt from this iam saved Around 60, 000 from tution income. can I Deposit this amount in bank?

Reply: Sure , You can deposit this amount in your bank account. There is now challenge in deposting this amount in your bank account.

 

Query: Iam a farmer and have been filing my tax return every year.  i had Around 8 lakhs , cash in hand. Can i deposit this amount in my bank account?

Reply: Sir, you can deposit this mount in your bank account. please make sure that the amount you deposit should not be more then cash In hand as on 8th november. It is better to prepared your books and deposit cash accordingly.

Query: I have withdrawn Approx Rs 10 lakh for my daughter’s marriage on 12 th november. After demonitisation, can i deposit this money back in my bank account and pay vendors in new cash?

Reply: Sure Sir, You can deposit this cash in your bank account. In case of income tax query, you can safely establish your deposit, with old withdrawls, marriage card and vendor receipts.

 

Query: My parents have saved Approx 4-5 lakhs for my sister marraige. Can we deposit cash in our bank accounts?

Reply: Your parents can deposit cash of 5 lakhs in their account. 2.5 lakhs in each account can be deposited. Please note that bank will ask you to be KYC complaint.

 

Query: My post office NSC , KVP and some fixed deposit have matured this month. Can I deposit this mount in my bank account?

Reply: Sir , it is better to take cheque from post office. This will be very convenient for you. You will not be getting any income tax notice.

 

Query: My Friend wants to deposit some cash in my bank account for some months. Is it ok?

Reply: Sir, Please avoid any cash deposits from any unknown persons or even friends. This may result in problems for you at later stage.

If you have any further query on Demonetisation, Black money, Converting black money to white money you can visit this page.

FAQ on Cash deposit in Banks after Demonetisation
Like this:

Related posts:

Tagged , , , , , . Bookmark the permalink.

Comments are closed.