Tax doubts on saving account

Tax queries 887 views 11 replies

Hello,

I have few doubts if a user have a bank account in which monthly they recevie around 2 lakhs, Now my question is,

Is banker shows all the data to IT department?? Is user get any problem from Income tax regarding this money trasction in bank account?

Waiting for your reply

Thanks

Replies (11)

Please refer to below link for your query

 

https://articles.economictimes.indiatimes.com/2013-04-29/news/38904482_1_income-tax-department-tax-filing-portal-tax-notice

Can anyone here to explain me in briefly on my above questions please.

Thanks

Bank do file Annual Information Return to IT deptt containing list of accnt holders who hv deposited Rs.10 Lacs or more during d previous year..dnt knw abt d procedures of IT deptt.. bt its always better to file IT return..

You have not mentioned the source of this income of Rs. 2 lacs. If you will disclose this income in your ITR, then why worry?

If the CASH Deposit exceeds Rs.10 Lacs in a SAVINGS Bank account where he maintains the A/c in a FY the details of which Account Holder's Name and Amount will be informed to the IT Dept.

Thanks @ S.GANESAN

1) Is 10 Lakhs you mean per year or month?

2) user have 3 banks accounts in differnet bank asscoaited with pan card, now my question is is this 10 lakhs per account/per bank or whole 3 account?

Thanks

10 Lacs in one financial year per bank account.

Mr.Goyal is correct. Rs.10 Lacs PA per Bank Account/Per Bank.

Dear Sir,

Thanks for your reply.

I would like to know whats the use of PAN Card with bank account?

@ abubakker The IT dept can trace all transactions of one or more bank accounts of same account holder with the help of PAN number

Thanks For Your reply

If a a bank account dont have PAN number then that bank also should do only 10 lakhs per month or more..?

 


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