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.
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.
08 June 2014
as long as your income is less than exempted limit, no need to file return..
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.
THEN INCOME TAX DEPTT. ISSUE NOTICE TO YOU FOR SBMIT THE SOURCES OF DEPOSIT.
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