Does bank send pan/ account holder name to income tax department for any heavy transaction

417 views
User Avatar

1359 Points Posted on 26 October 2021
does bank send pan/ account holder name to income tax department for any heavy transaction??
0 Reply Share Follow
On 26 October 2021 at 00:29 Report
Replies (3)
Quick Summary
Yes, banks are legally obliged to report significant financial transactions to the Income Tax department. This is done through the Annual Information Return (AIR) when transactions exceed certain thresholds. The specific limits that trigger this reporting requirement are in place.

User Avatar

ca
603 Points Posted on 26 October 2021
Yes. Bank have to file AIR with income tax department to report transactions when they exceed specified limits.
Reply
On 26 October 2021 at 01:07
User Avatar

Profession
28271 Points Posted on 26 October 2021
Limit is there.
Reply
On 26 October 2021 at 07:42
User Avatar

1359 Points Posted on 26 October 2021
What limit it is ??
Reply
On 26 October 2021 at 10:02

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidence requested for a Finance Professional with
  2. Expert Opinion Required – Form 140 Gross Amo
  3. WRONG TAX DEMAND - formal responses , rectificatio
  4. Foreign remittance
  5. Affordable Residential Flats in Gurgaon
  6. Manufacturing
  7. TAN REGISTRATION ON E-FILLING SITE
  8. Form 10-IEA – Continuing Old Regime
  9. Income tax act 2026
  10. Belated Return where Form 10IEA filed this year to

More recent discussions | Post

Related Topics :

Loading