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)
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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)
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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.

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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30 December 2011 if you file your ITR than consider this account

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