Do banks file AIR if a customer maintains a huge savings bank balance (Say 60-70 lakhs) to the income tax dept?
I did not find this in the TIN Website which states this - Wanted to find out if AIR is filed or how the IT dept can know this?
Shri (M.Com) (129 Points)
14 March 2015Do banks file AIR if a customer maintains a huge savings bank balance (Say 60-70 lakhs) to the income tax dept?
I did not find this in the TIN Website which states this - Wanted to find out if AIR is filed or how the IT dept can know this?
shikhar
(LEARNER )
(1394 Points)
Replied 14 March 2015
AIR is file by banks too .....and it depends on transaction by assesee
thanks
Shri
(M.Com)
(129 Points)
Replied 15 March 2015
AIR is filed by the bank everyyear. If there are no transactions in the SB account and the balance is carried forwarded. Do banks submit AIR only if the bank balance exceeds a certain threshold?
Any ideas on this one?
Mihir
(Wealth Manager)
(5293 Points)
Replied 15 March 2015
Banks file AIR to report transactions and not balance.
Shri
(M.Com)
(129 Points)
Replied 15 March 2015
What kind of transactions?
Are you saying Banks will file AIR ONLY if the customer deposits or withdraws CASH only exceeding 10 Lakhs in a Year?
And it does not include neft/cheque withdrawal/deposit?
Apart from this anything else?
DEEPAK KAUSHIK
(ARTICLE)
(55 Points)
Replied 16 March 2015
IF you are mantaining this much balance in your saving bank account then you are making a huge mistake because banks file AIR to the income tax deptt. and INCOME TAX can take action regarding this issue. you must not maintain this much balance in your savign bank account.
You have to give clarification to the deptt. in this matter when the deptt. approaches you for the same.
Mihir
(Wealth Manager)
(5293 Points)
Replied 16 March 2015
If you can prove that the money in the saving account has already been taxed by filing ITR over the years, then nothing to worry.
Shri
(M.Com)
(129 Points)
Replied 18 March 2015
My Client says it is converted back from his dollar account which he converted to resident account.
I dont think dollar account is taxable. but interest earned in resident account is.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)