Cash withdrawal and IT notice Cash withdrawal and IT notice

Does withdrawing large sum of cash from savings account attracts notice from IT department? I had to withdraw 15 lacs cash from my account recently ( withdrew in pieces of 9 lacs and 6 lacs in two con

3 Response(s)

Posted 7 months ago


A. Hello
Generally they don't serve you notice for withdrawing money from your saving account. The bank could through a call ask you thr reason to withdraw such large ammount of money, so give them a valid explanation. Also in mostly cases they serve notice when you deposit large amount of money.
Thanks
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Latest Response 7 months ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

selling a house and buy in name of children selling a house and buy in name of children

Dear Sir, I am a lady of 75 years old. I am residing in a society flat in PitamPura. I am the original member of society and I got the possession in 1986. I want to sell it and buy somewhere else in

7 Response(s)

Posted 7 months ago


A. Dear Madam,
You may approach local advocate or chartered accountant

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26AS & Form 16 both has wrong income 26AS & Form 16 both has wrong income

For the FY 20-21,In my 26AS & Form 16 has wrong income credits. My salary is 58K per month so annual is 696,000. But in 26AS & Form 16 has 870,000/-. Its because the 26AS7 Form 16 has the wrong salar

4 Response(s)

Posted 7 months ago


A. Dear Sir,
Please contact chartered accountant.

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Capital Gains Tax on Land Sale Capital Gains Tax on Land Sale

Hi, I bought a land in the FY2016-2017(Jul-2016) from 5.3 Lakhs and sold it for 11.3 Lakhs in FY 2020-2021(Feb-2021), so the capital gains tax will be on the profit I gained which is around 5 Lakhs c

4 Response(s)

Posted 7 months ago


A. As per the Section 54 of the Income Tax Act since you have already put the money into another residential apartment the question of capital gain should not arise any more. But still to be on a safer side you are advised to be in touch with your CA and close this for ever.

Section 54. Profit on sale of property used for residence.—2[Subject to the provisions of sub-section (2), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the ...ReadMore

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Income tax and banking laws queries Income tax and banking laws queries

Sir i am Smit , my friend from Canada wants to do FDI in india so which sector is good for investment in India? he wants to transfer 10MCanadian$ in my account but due to RBI monetary restriction his

4 Response(s)

Posted 1 year ago


A. Dear Sir,
Please take necessary advise from concerned Financial Adviser.
Please give me Rank 5 if you feel my answer helped you.

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TDS not deposited by employer TDS not deposited by employer

Hi.I worked in a company from 01-04-2017 to 06-08- 2018. For Financial year 2017-18 Company deducted TDS on my salary but didn't deposit it to the government, hence not issuing 'Form 16'. My 'Form 2

3 Response(s)

Posted 3 years ago


A. Nothing more to be added. Go by the advice of Advocate Deepak Bade.

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Other Responses
Deepak Yashwantrao Bade

Deepak Yashwantrao Bade