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old saving accounts

sobergal (bb) (77 Points)

12 March 2008  


I have two queries:

1) I have an old saving bank accounts. Submission of PAN was not mandatory at the time of opening such accounts way back in 1996. Though the account is not dormant, meager ammount lying in it was never revealed in my IT returns. Can I have transections in this account secretly now & escape the taxman's eye?

2) One of my friends says that small investments in post-office KVP can be masked in your IT return. Is it so?

Kindly reply!


 1 Replies

CA. Kirti S. Ganatra (Service) (1461 Points)
Replied 12 March 2008

Firstly Dont ever think for tax evading. Even if you try some thing smart. it must me from counter party (with whom you are going to enter for any transaction) too. Then only you can evade tax.KVP is govt related payments as on date you can escape but later it might be risky.

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