Balance sheet

Sir there will be a problem surely because firstly if you have deposited 2.5 lakh in one transaction then there can be a problem as it gets reported by bank to income tax department. However if the deposits are made in seperate transaction there will not be any problem.

Now if your father wants to prepare your balance sheet he won't come to know about your bank account as you have deposited your personal cash but when he will file your income tax return there can be a problem as income tax requires details of all the bank account maintained by an assessee. So you can take a chance by not telling your father about that account but there are chances that he receives a notice asking for the details of such bank account.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Hi,

Is he filing your return? Or just preparing a balance sheet?

Further, Are you liable to file return? Is you annual income more than 2.5 lacs?

If Your annual income is below 2.5 lacs and he is not filing the return, then you need not to worry.

Hi

If 2.5 lacs is out of your earnings then yes you have to declare it in your return of income ,to be filled for this year.

Hi,

Hope you are doing well !

If your income is below exemption limit i.e. 2.5 lakh then you don't need to worry. You will not face any problem.

Hi,

- In future it will be a problem for you once the balance will increase and any income generated from such savings. It is better to disclose it.

Thanks

Hi,

It is advisable that disclose the same to your father. Otherwise you will be in trouble once the balance increase above limit.

Don't worry it will have no issue at all

Is he also filing your returns? Only preparing a balance sheet may not pose any challenge.

However depositing 2.5 lakhs at one go in a bank account can definitely be a problem as you may get a query from the IT department

If your taxable income is below the 2.5 lakh threshold, you need not worry else you should file your returns and pay taxes accordingly.

My suggestion is that you disclose this bank account and file your returns accordingly.