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How to use savings bank account so that no tax will levied

582 views 8 replies

jatinder kaur

155 Points Posted on 24 June 2023

please refer the following
1. harleen got a work visa for 8 months in Sweden & getting salary in her swedish bank account
2. her return also file as per Sweden tax rule
3. due to some reasons, her NRE Bank account not open, now she is coming back to India&
4 she have to transfer Bank balance from her swedish bank account to Indian saving bank account
5 transfer amt in Indian saving bank account is approx 20-22lacs

6. please suggest how does she use this amount so that not tax will not attract in India
7 as per my knowledge, if she go for fixed deposit then tax will levied
8 her age is 30 only

Replies (8)

CA Aakarsh Jain

10436 Points Posted on 25 June 2023

If she transfer this amount then she will need to pay tax only on the interest earned on that amount in future

sabyasachi mukherjee

Profession Business

28207 Points Posted on 25 June 2023

Nor likely.

jatinder kaur

155 Points Posted on 25 June 2023

How much tax will be on 22lac amount

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 25 June 2023

Tax levied as per her Computation of income.

jatinder kaur

155 Points Posted on 26 June 2023

The amount which she is going to transferred to Indian saving bank account, already paid tax in Sweden,

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 26 June 2023

Yes. But, Interest receipts is taxable if she get interest from bank/others. That interest income is taxable as per computation.
In case the interest income under the ceiling limit then no more tax payable.

keshav mandhare

4 Points Posted on 28 June 2023

To use a savings bank account in a way that minimizes tax liability, individuals should consider the following: 1) Claim deductions for interest income up to Rs. 10,000 under Section 80TTA; 2) Take advantage of applicable tax deductions and exemptions such as Sections 80C, 80D, and 24; 3) Maintain proper documentation for financial transactions; 4) Comply with tax laws by paying taxes on time and filing accurate returns; 5) Seek professional advice from a tax expert to optimize tax planning strategies.