Midhun (MBA) (33 Points)
06 August 2014Hello 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!
HARDIK THAKKAR
(FINAL CA STUDENT)
(132 Points)
Replied 06 August 2014
Yes, you Have to Pay Income Tax on ur Savings Account, If the Amount Credited in ur Bank is your Income.
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 06 August 2014
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.
Mihir
(Wealth Manager)
(5293 Points)
Replied 07 August 2014
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.
Midhun
(MBA)
(33 Points)
Replied 27 August 2014
CAclubindia
