Ad-Free CAclubindia and daily updates on your mobile. Subscribe Now!

Tax doubts on saving account

Abubakker (Others) (60 Points)

27 June 2014

Hello,

I have few doubts if a user have a bank account in which monthly they recevie around 2 lakhs, Now my question is,

Is banker shows all the data to IT department?? Is user get any problem from Income tax regarding this money trasction in bank account?

Waiting for your reply

Thanks

Reply
Follow
Share

11 Replies

Ashwin N (Chartered Accountant) (192 Points)
Replied 27 June 2014

Please refer to below link for your query

https://articles.economictimes.indiatimes.com/2013-04-29/news/38904482_1_income-tax-department-tax-filing-portal-tax-notice

Abubakker (Others) (60 Points)
Replied 27 June 2014

Can anyone here to explain me in briefly on my above questions please.

Thanks

CA and CMA Ravinder Singh (CA and CMA) (853 Points)
Replied 27 June 2014

Bank do file Annual Information Return to IT deptt containing list of accnt holders who hv deposited Rs.10 Lacs or more during d previous year..dnt knw abt d procedures of IT deptt.. bt its always better to file IT return..

Mihir (Wealth Manager) (5293 Points)
Replied 27 June 2014

You have not mentioned the source of this income of Rs. 2 lacs. If you will disclose this income in your ITR, then why worry?

S.GANESAN (AUDIT MANAGER) (110 Points)
Replied 28 June 2014

If the CASH Deposit exceeds Rs.10 Lacs in a SAVINGS Bank account where he maintains the A/c in a FY the details of which Account Holder's Name and Amount will be informed to the IT Dept.

Abubakker (Others) (60 Points)
Replied 28 June 2014

Thanks @ S.GANESAN

1) Is 10 Lakhs you mean per year or month?

2) user have 3 banks accounts in differnet bank asscoaited with pan card, now my question is is this 10 lakhs per account/per bank or whole 3 account?

Thanks