Bank deposit limit

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Danish (Querist)
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23 August 2015 hello experts,

if a person open a new bank a/c(assuming he opens it in first time) without pan card and he deposit in it about र् 5 lac then whether he has to pay tax in it....

AJAY KUMAR

AJAY KUMAR (Expert)
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23 August 2015 According to the provisions of Income tax act if you are assessee means having liab to pay income tax or say having income more than threshold limit as prescribed in relevent act, u are liable to pay taxes.

if income from this account is more than 10 k bank will automatically deduct your tax @30.09% / or 20 % not having pan.

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