Hello all,
I've opened savings account with State Bank of India year ago without mentioning PAN information and by this year 2014 the transaction has gone above 30 lakhs ( money credited debited through online transfer ) no cash dealing was made
Am I applicable to pay income tax ?? I don't worry for the TDS since I'm not willing to earn from any FD or interest
Please suggest whether I'm applicable to pay IT for the savings account ? If not what is my transaction limit
Thanks!
Yes, you Have to Pay Income Tax on ur Savings Account, If the Amount Credited in ur Bank is your Income.
mere transaction in bank does not make you liable to pay income tax. tax is paid on your income. so first you are reqd to assess what income have you earned during the year and then calculate taxes. this calculated tax will be reqd to be paid and then return will be filed.
Accepted withTribhuvan Aditya Singh
You have not mentioned the source of your income. If you are a businessman, professional or a salaried individual, your income will be taxed accordingly.
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