Saving account without pan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2011 Hello,I opened a saving account in December 2010.After march 2011 to December 2011 I have already made the transaction of more than 10L . As I have not submitted my PAN number to the bank yet and if I opt for closing my bank account before this financial year . will I have to pay income tax. what if i 'm not filing IT return .

kindly guide me.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

28 December 2011 Liability to pay Income Tax arises on the income earned.

The amount that you have deposited in your saving bank account must have come from a source of income.

That source of income is taxable.

Amount received on closure of savings bank account is not taxable.

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
Follow

28 December 2011 Income tax is on income and not on saving. So in ur case u need not pay taxes on closing ur bank account provided that ur income is exempt.