Hi Basu Sir – I had this question always lingering in my mind whenever I want to transfer funds.
i.e., If I transfer funds from one of my bank account to my other bank will it be treated as new deposits?
Ideally, I assume it should not be treated as deposits as both accounts are linked to same PAN number.
if deposited in cash then it can treat as deposit. The concern is in Income Tax it should not show as a new deposit if done by me 🙂
Please can you clear the air!
They can question! But why you have to worry? When you have an accounted money say in Account A and transferring the same to Account B. Then let us assume that bank of Account B deposit was reported to IT Dept, then you can show the source of money transfer.
As long as the source of the fund is sure and legal, then no matter whoever ask you the question, you no need to worry 🙂