Will i able for income tax payee if my bank balance is 2 lac
Shailendra (Accountant) (97 Points)
29 December 2011
8 Replies
Nitesh Matta
(Nothing)
(198 Points)
Replied 29 December 2011
No.. u need not to pay tax on bank balance..
Nitesh Matta
(Nothing)
(198 Points)
Replied 29 December 2011
ya but as the amout exceeds 50k.. wealth tax will be levied..but if ur total wealth exceeds 30 lacs then u will be levied wealth tax of 1% ..
sadashiv Rupchand Gaikwad
(Proprietor)
(521 Points)
Replied 04 January 2012
In fact there is no tax on Saving, but interest on Saving A/c is taxable.Main thing in the scrutiny what is the answer, if ITO may ask you, what is your persoanl withdrawals, Drawing, Household Expensed, which are not matched. Recorede more saving must have valid proof.
Mihir
(Wealth Manager)
(5293 Points)
Replied 04 January 2012
Your annual income from salary is Rs. 120,000, less than the tax slab....so no tax payable, assuming you do not have any other source of income apart of salary.
Shailendra
(Accountant)
(97 Points)
Replied 28 January 2012
Thanxx friendss, in short this is cleared that i have not to pay income tax on bank balance but i have to paid tax on interest only ............... 
CS Alok Mishra
(Income Tax Practitioner)
(786 Points)
Replied 28 January 2012
Hey u need not to pay anything if your GROSS TOTAL INCOME does not cross Rs. 1,80,000 in a year. I have seen some misguiding comments here but you stay firm here that BANK BALANCE IS NOT THE CRITERIA TO JUDGE THE TAXABILITY. There are different ways through which you can get refunds of your interest paid on securities or on Salary (if any).
Shailendra
(Accountant)
(97 Points)
Replied 30 January 2012
Alok ji, i can get refund of interest paid on security, but if i have saving account to i will get interest on my saving account, not have to pay.. so can have i to pay tax on that interest....
Moni Provat Majumder
(Tax Consultant)
(22 Points)
Replied 17 February 2012
At first add your total sb interest amount and salary amount of whole year, then check its taxability as per exemption limit of the IT act.
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