Regarding tax on deposit of 10 lakhs in my saving account
Rupesh
(Querist) 31 January 2014
This query is : Resolved
Hi,
i want to deposit 10 lakhs ruppees via single demand draft in my savings account. pls let me know whether i am liable to pay tax on this amount?
Rupesh
(Querist) 31 January 2014
Sir can u tell me how much tax ?
Guest
(Expert) 31 January 2014
If that is your income that would become taxable.
Rupesh
(Querist) 31 January 2014
No that amount is from some other source...
Rupesh
(Querist) 31 January 2014
No that amount is from some other source...
Guest
(Expert) 31 January 2014
Unless you clarify about the nature of income, you cannot get appropriate solution for your problem. Even if from other source, you would be answerable to the IT department to reveal the source of income from where you got lump sum of Rs. 10 lakhs.
C. P. CHUGH
(Expert) 31 January 2014
It Would depend who is giving you the demand draft in your name. Gift of any amount is tax exempt if received from specified relatives, other wise it is taxable at normal rate of taxation. Supposing you have no other income except this receipt in your bank account, your tax liability is calculated as under :
0-2 Lac Exempt
2-5 Lac @ 10% 30000.00
6-10 Lac @ 20% 80000.00
Total 110000.00
Add : Education Cess 3300.00
Total Tax Payable 113300.00
Interest u/s 234C to be calculated for deficiency in Advance Tax PAyments, if applicable.
ajay sethi
(Expert) 01 February 2014
well advised by Mr chugh
Rajendra K Goyal
(Expert) 01 February 2014
The source and nature of amount received is to be seen, whether it is gifted, sale of assets (fixed or current)or otherwise so that actual advise can be given.
malipeddi jaggarao
(Expert) 01 February 2014
Author is not responding to the points rised by the experts.
Rajendra K Goyal
(Expert) 02 February 2014
In such a case it is not possible to arrive at any opinion and provide advise.
Devajyoti Barman
(Expert) 02 February 2014
The author should thank Mr Chugh for his splendid calculation.
Rupesh
(Querist) 02 February 2014
Thnaks all specially Mr. Chugh for their valuable advice...
R.V.RAO
(Expert) 03 February 2014
Mr.Rupesh.i presume you are referring to deposit in S.B a/c of Rs 10 lakhs by D.D.
no problem. go ahead.no tax for such deposit.
this deposit perhaps relates to your earlier questions on LCI FORUM.
the question in any body's mind in this connection is cash deposit in the bank account Rs 10 lacs or above.(Annual INFORMATION return -A.I.R- UNDER sec 285BA of income tax act.).
HAD IT BEEN CASH DEPOSIT IT NEEDS DISCLOSURE.CHEQUE/D.D/ONLINE TRSFR. HAVE NO ISSUES.
penalty is there for non disclosure of cash deposit of Rs10 lacs etc.. in bank accounts in .AIR.. Rs 100 per day.
It is entirely different issue about source of the deposit, TAX TREATMENT ETC...
Rupesh
(Querist) 03 February 2014
Thanks Mr. R V Rao...now it is cleared to me...
R.V.RAO
(Expert) 03 February 2014
welcome Mr.Rupesh
T. Kalaiselvan, Advocate
(Expert) 03 February 2014
I agree with the opinion of expert Mr.Rao which throws more light on the subject especially in the event of the author's insufficient information while raising the query here.
