Amount transfer from Saving account

15 March 2022

Dear Sir,

Can we transfer by cheque or netbanking amount from one saving account to 2nd or 3rd account any issues from IT department

Reply
Follow
Share

9 Replies

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 15 March 2022

There won't be any issue..Mere transfer is not income .

Income Tax liability will be on the Income and not every credit

sabyasachi mukherjee (27159 Points)
Replied 16 March 2022

Transfer for rendering service from the recipient is income.

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 16 March 2022

@ Naveen ,

Are the two accounts belongs to same person?

Naveen Kumar (729 Points)
Replied 16 March 2022

Yes Sir, both saving account belong to same person. one account in HDFC and second is Punjab and sind bank

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 16 March 2022

There is no question of rendering service .. Not every credit in savings account is income

Naveen Kumar (729 Points)
Replied 16 March 2022

Sir, that,s means I need to show in my ITR again actually i already shown in my previous year ITR

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 16 March 2022

No .It is required to show in ITR if it's already shown in ITR.

Moreover mere transfer is not income

Naveen Kumar (729 Points)
Replied 17 March 2022

Thank you very much Eswar Reddy Sir,

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 17 March 2022

Not required to show again in ITR

Start a New Discussion