Arup Pramanik (5 Points)
11 May 2016Hi
I am transferring money from my salary account to one of my own accounts so that I can invest/ repay loans from that. All accounts that I am using for the entire process has been already declared while e-filing my ITR. Is there any kind of tax applicable for the transaction I am doing as mentioned above? Thanks in advance!
A.shanmuga sundaram
(Deputy manager)
(73 Points)
Replied 11 May 2016
There is no such tax implication for the transaction, i will explain below
As per income tax view, source of income is major point.
for Both accounts, Salary income is main source, and you are subject to coming under slab rate. Company will deduct the TDS and deposited to govt under 192B.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 11 May 2016
if both accounts are shown in ITR for year AY 2014-15 ITR and pan is furnished in both, then no issue, better make online transfer or transfer through cheque,
avoid cash withdrawl and deposit, to avoid any unwanted issues
Arup Pramanik
(5 Points)
Replied 11 May 2016
Yes, all the transactions are made through online mode only. One clarification here, why did you mention about AY 2014-15 specifically? Thanks!
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 11 May 2016
before it, there was no binding to declare all active bank accounts
CAclubindia
