Tax on NEFT/ Funds Transfer
This query is : Resolved
Guest
Guest
(Querist)
06 August 2010
Sir
I Would like to know whether there will be any tax on NEFT/ Funds Transfers( Individual Account) from one bank to other bank within India. If so, what are the rates applicable and should we have the PAN Card for funds transfer if the transfer amount is Rs.1 Lac and above.Kindly reply.
Thanking You
Regards
Phani Kumar
I Would like to know whether there will be any tax on NEFT/ Funds Transfers( Individual Account) from one bank to other bank within India. If so, what are the rates applicable and should we have the PAN Card for funds transfer if the transfer amount is Rs.1 Lac and above.Kindly reply.
Thanking You
Regards
Phani Kumar
Aditya Maheshwari
(Expert)
06 August 2010
Untill we know what is the purpose of the transfer we cannot comment on the taxability of the transfer.
ASHISH YADAV
(Expert)
06 August 2010
Mr. Aditya is right. There is no tax on NEFT or RTGS. Bank take some charges only.You clear your purpose
Having PAN is mandatory for more than RS.50000
Having PAN is mandatory for more than RS.50000
Guest
Guest
(Querist)
06 August 2010
the amount is recd. from Court as a compensation in Lumpsum and it should be distributed to family members.
CA. Pradeep Nayak
(Expert)
06 August 2010
No taxes applicable as such on NEFT/RTGS transfers within India. However some banks charge the customer for such transfers & some do it free. It depends on the type of benefits provided by the bank on your account. If at all there is any charges, it is only a bank charge & not a statutory levy.
Banks insist PAN details at the time of opening bank accounts. As of now there is no statutory requirement to furnish PAN details for e- transfer/receipt of funds.
Banks insist PAN details at the time of opening bank accounts. As of now there is no statutory requirement to furnish PAN details for e- transfer/receipt of funds.
Aditya Maheshwari
(Expert)
06 August 2010
By way of what from a company?
Transfer as loan then check whether provisions of Section 2(22)(e) not attracted.
As dividend then DDT applicable.
Transfer as loan then check whether provisions of Section 2(22)(e) not attracted.
As dividend then DDT applicable.
06 August 2010
bank do charge some commission for tat and the only tax wil be service tax on the commission for neft...
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