Cash deposit more than 50 lakhs in saving bank account

[SHAAN NISHA]

Hi Everyone,
if i fill my return u/s 44ae and cash deposits in my saving bank account during the year is more than 50 lakhs than what kind of justification/ we need to submit here. if get notice for submitting of justification for depositing cash more than 50 lakhs in saving bank account???. And what is the limit of depositing cash in current account and saving bank account in a FY Upto which no information sent to IT Department By Bank? Or we need to submit justification or prove source of income?
Thanks In Advance

[DR.MARIAPPAN GOVINDARAJAN]

You have to prove the source of income and also the justification of such deposit in your account.

AI Summary

Cash deposit reporting: taxpayers must substantiate large savings-account deposits with source and justification when queried. Where cumulative cash deposits in a savings bank account exceed the specified threshold in a fiscal year, the taxpayer will be required to prove the source of income and provide a factual justification for such deposits if called upon by tax authorities; the sole reply advises that the depositor must substantiate the source and justify the deposits.