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amount in bank account
whether amount show in bank account is taxable
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Bank balance is not taxable, but its source can be....
Amount not taxable but interest earned on it may be taxable above 10,000
Source of earnings may be asked for the bank balance. If you have not shown proper income tax returns.
From bank deposits to credit card bill payments to property transactions, financial institutions and other entities have to report transactions above a certain threshold to the income tax department. A January 17 notification from the tax department lists the financial transactions that have to be reported.
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