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amount in bank account

RAJA SEKHAR REDDY (TO BECOME BUSINESS MAN) (36 Points)

08 September 2018

whether amount show in bank account is taxable

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182806 Points)
Replied 08 September 2018

Bank balance is not taxable, but its source can be....

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Ranveer singh (34 Points)
Replied 08 September 2018

Amount not taxable but interest earned on it may be taxable above 10,000

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Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 08 September 2018

Source of earnings may be asked for the bank balance. If you have not shown proper income tax returns.

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(Guest)

From bank deposits to credit card bill payments to property transactions, financial institutions and other entities have to report transactions above a certain threshold to the income tax department. A January 17 notification from the tax department lists the financial transactions that have to be reported.