LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Huge savings bank balance

Shri (M.Com) (129 Points)

14 March 2015

Do banks file AIR if a customer maintains a huge savings bank balance (Say 60-70 lakhs) to the income tax dept?

I did not find this in the TIN Website which states this - Wanted to find out if AIR is filed or how the IT dept can know this?

Reply
Follow
Share

8 Replies

shikhar (LEARNER ) (1394 Points)
Replied 14 March 2015

AIR is file by banks too .....and it depends on transaction by assesee

thanks

Shri (M.Com) (129 Points)
Replied 15 March 2015

AIR is filed by the bank everyyear. If there are no transactions in the SB account and the balance is carried forwarded. Do banks submit AIR only if the bank balance exceeds a certain threshold?

Any ideas on this one?

Mihir (Wealth Manager) (5293 Points)
Replied 15 March 2015

Banks file AIR to report transactions and not balance.

vijay singla (learner) (340 Points)
Replied 15 March 2015

that too more than 10 lakhs

Shri (M.Com) (129 Points)
Replied 15 March 2015

What kind of transactions?

Are you saying Banks will file AIR ONLY if the customer deposits or withdraws CASH only exceeding 10 Lakhs in a Year?

And it does not include neft/cheque withdrawal/deposit?

Apart from this anything else?

DEEPAK KAUSHIK (ARTICLE) (55 Points)
Replied 16 March 2015

IF you are mantaining this much balance in your saving bank account then you are making a huge mistake because banks file AIR to the income tax deptt. and INCOME TAX can take action regarding this issue. you must not maintain this much balance in your savign bank account.

You have to give clarification to the deptt. in this matter when the deptt. approaches you for the same.