Fixed Deposit (7 to 15 days)

[thekirang]

Can we make fd for 7days or 15days to get benefits ?? and can we repeat this every month ? Now Pro players got the source of money 🤣

 

[Wealth is my birth right!]

MobiKwik is easy... Juat open normal mobikwik account... Do ful kyc using aadhar and you are ready to use all the services.

But wallet limit 5k per month right

 

[Souvik]

There is no source but they have been guven instructions to send the names of people doing fd for more than 5 lakh per year to local IT dept office....Its not that its illegal... You come in the notice of It dept... They may look into your details... ... These are conventions followed...

Even if you get a notice, you can ignore it if the amount is not huge, IT department does not have time or resources to go after 5-50k recovery. They are actively investigating crores and crores of tax evasion.

Amongst 5.83 crore ITR's filed in 2022, at least 70% is faulty/paid less tax either knowingly or unknowingly.

 

[Batmanbaba]

But wallet limit 5k per month right

No after full kyc 1 lakh per month...6 lakh per year.... But thta xtra has nothing to do with mobikwik wallet... It will deduct money from bank account and deposit back into it

 

[Batmanbaba]

Even if you get a notice, you can ignore it if the amount is not huge, IT department does not have time or resources to go after 5-50k recovery. They are actively investigating crores and crores of tax evasion.

Amongst 5.83 crore ITR's filed in 2022, at least 70% is faulty/paid less tax either knowingly or unknowingly.

Yes I know... But since he knew me personally... He called and told not to xceed 5 lakh barrier.... Else he might have to include my name in the list

 

[Sudarshan61]

I have never heard of this 5L rule, can you point me to any source for the same?

No rule for 5Lac.

Rule is for 10L+
Banks will have to disclose the transactions if the total amount deposited in single or multiple fixed deposits exceeds the specified limits by filing form 61A

It's just gets reported saying you have booked FD..based on your previous ITR filing income tax can question source of such income..

 

[deep@vie]

Can we make fd for 7days or 15days to get benefits ?? and can we repeat this every month ? Now Pro players got the source of money 🤣

interest rate won't be much. just open a savings account with a bank that gives better interest rate on savings.

 

[avishj]

There is no source but they have been guven instructions to send the names of people doing fd for more than 5 lakh per year to local IT dept office....Its not that its illegal... You come in the notice of It dept... They may look into your details... ... These are conventions followed...

Interesting, so I am definitely going to get a notice next year xD.

 

[avishj]

No rule for 5Lac.

Rule is for 10L+
Banks will have to disclose the transactions if the total amount deposited in single or multiple fixed deposits exceeds the specified limits by filing form 61A

It's just gets reported saying you have booked FD..based on your previous ITR filing income tax can question source of such income..

Interesting, well yeah I don't care since I have all proofs. Thanks for the info guys

 

[Batmanbaba]

Interesting, so I am definitely going to get a notice next year xD.

It's not for issuing notice.... They do analysis of those people's filing if any....

 

[avishj]

It's not for issuing notice.... They do analysis of those people's filing if any....

Yeah, I do not mind that at all, have nothing to hide 🙂.