Income tax - sb without pan

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Midhun

MBA

24 Points Posted on 06 August 2014

Hello all,

I've opened savings account with State Bank of India year ago without mentioning PAN information and by this year 2014 the transaction has gone above 30 lakhs ( money credited debited through online transfer ) no cash dealing was made

Am I applicable to pay income tax ?? I don't worry for the TDS since I'm not willing to earn from any FD or interest

Please suggest whether I'm applicable to pay IT for the savings account ? If not what is my transaction limit

Thanks!

Replies (6)

HARDIK THAKKAR

FINAL CA STUDENT

68 Points Posted on 06 August 2014

Yes, you Have to Pay Income Tax on ur Savings Account, If the Amount Credited in ur Bank is your Income.

Tribhuvan Aditya Singh

Student as well as Self-employed

3853 Points Posted on 06 August 2014

mere transaction in bank does not make you liable to pay income tax. tax is paid on your income. so first you are reqd to assess what income have you earned during the year and then calculate taxes. this calculated tax will be reqd to be paid and then return will be filed.

Madan

Accounts Officer

126 Points Posted on 06 August 2014

Accepted withTribhuvan Aditya Singh

Stranger

2185 Points Posted on 07 August 2014

100% agreed with Tribhuvan Aditya Singh..

Mihir

Wealth Manager

5358 Points Posted on 07 August 2014

You have not mentioned the source of your income. If you are a businessman, professional or a salaried individual, your income will be taxed accordingly.

Midhun

MBA

24 Points Posted on 27 August 2014

Sorry for my delayed response, I sell few things on eBay through online selling without registering a company and transactions have increased above 15 lakhs .. Now the amount is getting credited in the Savings bank account without PAN card I've already paid income tax on showing other savings bank account for the year 13-14 Is the account where transactions rose upto 15 lakhs is still liable to pay income tax ?? Can gov track the bank account without PAN information ?