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ITD Track Bank Accounts

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)

20 April 2017

This is a very common confusion that ITD can track bank account or not.

Some people says it's not possible, ITD can't track bank account but some people says ITD can track bank account.

I believe here many experts are available. Please give a feedback that ITD Really can track bank accounts or not?

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8 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 20 April 2017

No direct access. Otherwise they would not have asked details of even 2 lakhs cash deposits in ITR.

Only through AIR reporting of banks, as per present criteria of 10 lakhs or more in Savings acc and 50 lakhs or more transactions in current account (during any financial year), and any cash deposits of 50K or more on any day!!!

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 20 April 2017

Some people believe they have scanner to track bank account.

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 20 April 2017

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 20 April 2017

Many such rumours in air; no proofs. We live in democratic independent country; not under dictatorship!!!

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CA Mayur Todmal (Practicing CA) (7645 Points)
Replied 20 April 2017

Originally posted by : Dhirajlal Rambhia
	Many such rumours in air; no proofs. We live in democratic independent country; not under dictatorship!!!

Comletely Agree sir

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PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 20 April 2017

So why people fear/funk to do a white transaction whether ITD Can't track bank account and choose for black transation? Only for the purpose/risk of scrutiny U/S 143(2)???

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 20 April 2017

Transactions are under rules and regulations of IT act, like section 40(3a), 206, 269, etc. etc. etc............; which we have accepted and not challanged under law defined as per our constitution .

Fear and duty are totally different. If I perform my duty, I get protection of my constitution; but if I do not perform as per act/laws, I get fear and............

Coming to your point, if any department suspect any wrongful act done my me, they can get court orders to scrutinize each and every doubtful event, including my bank accounts... etc. Even get attached to any asset. (eg. Kingfisher, Sahara.........). That is why whole fear!!!

Section 143(2) is just a kid as compared to other big fears!!!

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