Student
589 Points
Joined November 2008
Agree with @ raghavan but let me warn you that, since most accounts have Pan mentioned in the client details, ITD can ask the info. from bank without you even knowing it.
Remember, also that any transaction involving amount above Rs.50000 is considered high value transaction and may lead to a notice and thus keep proper accounting.
Accounts with small amounts are not the concern of ITD currently as they have bigger fish to fry but due to increase in technology access by ITD, they can track down hidden income and in future it would be better to show all your bank accounts in return or in your accounts.
ITD has much more resources available with it and it will have excess workforce, which might be utilized to harasse tax evaders so take care...
but currently, do not worry.