Does IT department have any info about the balance we are having in our bank account or it assumes it from the form 16 provided to the employee from employer.
Does IT department have any track of the balance in the employees account and if no then one employee can have any amount of balance irrespective of what he/she shows while filling the ITR ?
Can u please help me in understanding how itr filling works for employees ,does employee can have any amount of balance in their accounts since bank statement is not required for filling itr in case of employees.
Thanks in advance
Aman Agarwal
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Form 16 related query
Replies (9)
You can have have any amount in your bank account.. But you have to show the interest earned on that bank account while filing IT Returns.
Yes the income tax department is searched on PAN based transactions in banks means that facility they have. The earlier notices comes based on that information.
it means the transactions done without pan card are not traceable to the it department since pan card is not mandatory for all transactions
Hi sir now a days PAN is mandatory for all bank & other transactions.
i mean to say friendly transfer of rupees between accounts,it does not require pan card.For eg: as i have given 30000 rupees to my friend as he is in need and later he returned me in bunch of 10000 3 times then does it department have any concerns with these type of transactions in terms of both salaries employee and self employees business man
No problem in that... Bcz this is merely transfer... Only problem in that from which sources u hv received that money and not disclose in ur itr.... One time u give him and latee get it back... This is not ur income and neither ur friend income
ok.... thank u divakar sir
Yes... I agreed to Mr Divakar.
good clarification and information
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