Do IT depart suspect online or bank to bank tra...

Do IT depart suspect online or bank to bank transactions?

Score: 2 Votes: 4

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Score: 2 Votes: 4

Vote down Reasons

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Deal Cadet
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say if i give 1 lakh each cash to each of my 5 friends and tell them todeposit into their bank account and after that transfer it through netbanking or imps to my bank account, would I come under the radar of IT department?
it might sound like a stupid question but i dont have much insight on this topic, any senior dimer can shade some light on this topic?
any help would be appreciated, thanks.

18 Comments  |  
11 Dimers
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Deal Cadet
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Definitely it would attract IT dept but depending on your financial transaction previously & your tax bracket /or non tax payer

Screenshot 2015 08 04 16 52 41
Deal Cadet
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Not only you but your freinds would attract IT dept radar as these transactions are completely trackable & are run by softwares not humans

Kkkkkk
Deal Captain
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Try and let us know beforehand https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif
Furthermore topics like this should not be allowed on forums…
@Nigel

Shutterstock 1013504321
Deal Subedar
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Hi Rich Op Any 500-1000 Note in Giveaway https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

ad bot
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Ad Bot

I found this sponsored content on one of the ad networks.

Kkkkkk
Deal Captain
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@Infected Mushroom wrote:

Rich dimer spotted!
All topics regarding money https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif
http://www.desidime.com/users/809821/...cs


Lagta hai inhe 500/1000 ke ban ke bara mein pehla se hi pata tha https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif


Do IT depart suspect online or bank to bank transactions?
way of transferring freecharge wallet money to bank
unable to transfer money into bank, help
unable to open freecharge, help!
unable to withdraw money
Opening new savings A/c, any suggestions regarding good banks? >> 2016-10-26

http://www.desidime.com/users/809821/...cs

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Deal Cadet
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Bro your friend will be transferring 1lakh. So it wont be problem.

BUT

if 5 friends will transfer into your account,
Then your account will be reflected as 5lakh deposited into one account which is well above threshold. You will be served notice along with all your friends. Be ready.

Better option to wait for further announcement(24nov) for increasing limit and then withdraw money through self cheque

Bal ganesh
Deal Subedar
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You may get notice for sudden income(u need to prove if it isn’t income) of Rs5lacs.
If its loan from them then you can reply saying that Rs5lacs is loan from friends, then they need to declare this interest income in their returns.
If all of your friends are low income <2.5lacs then not an issue else they need to declare.
Assuming that you have your own savings amounting to Rs5lacs in cash and want to deposit now in the bank, then you should take help of other no-income family members, split the amount and let them deposit it, keep in their accounts only , withdraw from their accounts and use it.
Its legal. Refer this link how Shah Rukh Khan avoided tax albeit legally.
http://timesofindia.indiatimes.com/business/ind...
@Navneet this is just forum so one can either help or help or help, so pls share your views assuming its legal savings.

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Deal Cadet
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@caks2006407 wrote:

You may get notice for sudden income(u need to prove if it isn’t income) of Rs5lacs.
If its loan from them then you can reply saying that Rs5lacs is loan from friends, then they need to declare this interest income in their returns.
If all of your friends are low income <2.5lacs then not an issue else they need to declare.
Assuming that you have your own savings amounting to Rs5lacs in cash and want to deposit now in the bank, then you should take help of other no-income family members, split the amount and let them deposit it, keep in their accounts only , withdraw from their accounts and use it.
Its legal. Refer this link how Shah Rukh Khan avoided tax albeit legally.
http://timesofindia.indiatimes.com/business/ind...
@Navneet this is just forum so one can either help or help or help, so pls share your views assuming its legal savings.

Thanks for the reply mate, what’s the threshold amount one can deposit into his bank cumulatively? BTW I’m a student I don’t have any income.

Kkkkkk
Deal Captain
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@caks2006407 wrote:

You may get notice for sudden income(u need to prove if it isn’t income) of Rs5lacs.
If its loan from them then you can reply saying that Rs5lacs is loan from friends, then they need to declare this interest income in their returns.
If all of your friends are low income <2.5lacs then not an issue else they need to declare.
Assuming that you have your own savings amounting to Rs5lacs in cash and want to deposit now in the bank, then you should take help of other no-income family members, split the amount and let them deposit it, keep in their accounts only , withdraw from their accounts and use it.
Its legal. Refer this link how Shah Rukh Khan avoided tax albeit legally.
http://timesofindia.indiatimes.com/business/ind...
@Navneet this is just forum so one can either help or help or help, so pls share your views assuming its legal savings.


If it is legal savings then he should deposit in two accounts splitting in 2.5+2.5 https://cdn2.desidime.com/assets/textile-editor/icon_smile.gif
Take help of a family member instead of friends as IT dept. may question later and you would be in serious trouble https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif

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Deal Subedar
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If you are a student and don’t have income, how you got 5 lakhs cash in the first place.

Shutterstock 1013504321
Deal Subedar
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@panchabhut wrote:

If you are a student and don’t have income, how you got 5 lakhs cash in the first place.


Aise Father sabko Mile https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

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Deal Cadet
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Please don’t do so, every single transaction in any bank is now synchronised with our servers.

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Deal Subedar
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@Navneet wrote:

@panchabhut wrote:

If you are a student and don’t have income, how you got 5 lakhs cash in the first place.


Ye bhaisahab subah subah Ganga nahana gaye tha https://cdn3.desidime.com/assets/textile-editor/icon_cool.gif

https://www.google.co.in/search?q=ganga&tbm=nws...


He is depositing black money into his account and encashing that for someone else for some pennies.

I have already told him when he talked to me on dm that don’t think of it, you are still a novice its easy to catch you.

For those not aware Data Scientists are already hired to track all transactions till December.

Kkkkkk
Deal Captain
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@anilenggworks77964 wrote:

@Navneet wrote:

@panchabhut wrote:

If you are a student and don’t have income, how you got 5 lakhs cash in the first place.


Ye bhaisahab subah subah Ganga nahana gaye tha https://cdn3.desidime.com/assets/textile-editor/icon_cool.gif

https://www.google.co.in/search?q=ganga&tbm=nws...


He is depositing black money into his account and encashing that for someone else for some pennies.

I have already told him when he talked to me on dm that don’t think of it, you are still a novice its easy to catch you.

For those not aware Data Scientists are already hired to track all transactions till December.


He will still try https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif

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Deal Subedar
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Bro u dont have enough common sense….if in ur account sudden large transaction take place in 1 day…..bank will itself give notice to income tax….& u will be in limelight

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Deal Subedar
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As per standard guidelines, Banks are required to report any cash deposit of 20000 or more to IT dept. That is even when there is no currency ban. And now, the situation is going to be even more difficult.

Missing