Bank transactions

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 Hi Everyone,

I am a CA final student ongoing my final year of articleship, I do a lot of online transactions for shopping and all my last year had total transactions of about 3 Lakh worth transactions and this year from Jan to May I have about 5 Lakh worth of transactions. I dont get any stipend, CA in my office is telling me to file my IT return since i have heavy bank transactions and may get a IT notice regarding the explanation of the transactions.
Most of transactions are online purchases and E-TDR's which I renew per 10-20 days.
I dont want to file a IT return since I dont have any Income.
Do I need to file my ITR because i have heavy bank transactions, how much bank transactions can be done through a saving A/c without being getting into the eye of IT officials.

One more thing I havent linked my PAN to my bank a/c. I submitted them many a times for updataion of my KYC but they just dont update the PAN details. Since i do TDRs which mature every 10 days worth around 10-20k will I need to update the PAN, will I get my interest deducted an additional % in that case. I usually get about Rs. 120-200 as the TDR interest.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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08 June 2014 as long as your income is less than exempted limit, no need to file return..

Rupesh Jain

Rupesh Jain (Expert)
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09 June 2014 IN SAVING BANK ACCOUNT IF YOU DEPOSIT/WITHDRAW CASH RS. 10 LACS IN A YEAR. THEN BANK SUBMIT YOUR BANK A./C DETAIL WITH PAN TO INCOME TAX DEPTT.
THEN INCOME TAX DEPTT. ISSUE NOTICE TO YOU FOR SBMIT THE SOURCES OF DEPOSIT.

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