••• I have no income, do I have to pay tax for ...

••• I have no income, do I have to pay tax for my saving acc (₹10 lakh)

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Score: 3 Votes: 3
Score: 3 Votes: 3
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Deal Cadet
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Hi guys,

I am not earning, i am still preparing for civil services & other govt. exams. (i.e SSC )

I have individual account in SBI and UBI , and also account with second joint holder with mom and dad in other 2 different account. ( ICICI &IDBI)

1— SBI acc is my oldest acc , which was using for online shopping for flight ,train tickets, telephone bill, bijli bill , and also e-commerce sites like Myntra, AMAZON etc. And total transaction I did in 2014-2015 , around 6lakh and Rs.7 lakh in 2015-2016. But right now I have only 1lakh in my SBI acc. Do I get IT notice ?

2— In UBI i have deposited 5lakh 2 years ago, after that i never operated this account. I am just getting 4% interest on it. So , after 30 Dec will I get IT notice by combining SBI+UBI acc ?

3— And what about deposited money combining all my acc of single & joint acc ? https://cdn3.desidime.com/assets/textile-editor/icon_sad.gif

All these money i got from my parents , he pays tax but for his account only. I never paid any tax in my life for my saving accounts.

I have heard somewhere that after 30th Dec 2016 , Govt gonna make list of all transactions done throughout the year , and if it exceeds more than 10 lakh , then it will lead to serious issue.

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36 Comments  |  
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Deal Lieutenant
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Take a chill pill and relax as there is no point in fretting over something which has already been done. With the amount of transactions happening IT really doesn’t have the man power to sift through transactions which have been done post demonetization. If they send you a notice just tell them you did some small time part time jobs, got gifts and you didn’t bother to file IT returns because you really were not taxable to that extent (not sure what is the applicability but remember reading somewhere that it is really not necessary to file IT returns if you are not taxable- don’t quote me on this though.).

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Deal Subedar
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ranjithsai01 wrote:

Take a chill pill and relax as there is no point in fretting over something which has already been done. With the amount of transactions happening IT really doesn’t have the man power to sift through transactions which have been done post demonetization. If they send you a notice just tell them you did some small time part time jobs, got gifts and you didn’t bother to file IT returns because you really were not taxable to that extent (not sure what is the applicability but remember reading somewhere that is it really not necessary to file IT returns if you are not taxable- don’t quote me on this though.).

Very well said

You should be Charted Accountant

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Deal Lieutenant
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you could also have made an FD and invested for long term but now interest rates are going down…

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Deal Cadet
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Very well said point… Don’t have man power

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Deal Subedar
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OP sirr @kool .. You must pay tax if your income is more than 2Lacs. Submit Immediately PAN to all your bank accounts and then Tax Deductions happens smoothly.

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srigem81 wrote:

OP sirr @kool .. You must pay tax if your income is more than 2Lacs. Submit Immediately PAN to all your bank accounts and then Tax Deductions happens smoothly.

Bro read it again. He said he has no income https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif

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Deal Newbie
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He said he has wealth……

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Deal Subedar
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ranjithsai01 wrote:

Take a chill pill and relax as there is no point in fretting over something which has already been done. With the amount of transactions happening IT really doesn’t have the man power to sift through transactions which have been done post demonetization. If they send you a notice just tell them you did some small time part time jobs, got gifts and you didn’t bother to file IT returns because you really were not taxable to that extent (not sure what is the applicability but remember reading somewhere that it is really not necessary to file IT returns if you are not taxable- don’t quote me on this though.).

Bro they hired big data analysts and these things are now automated.

Although I am not saying they will catch everyone but it can happen eventually.

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anilenggworks77964 wrote:

Bro they hired big data analysts and these things are now automated.

Although I am not saying they will catch everyone but it can happen eventually.

That’s not true entirely. One of my friend’s friend got selection through UPSC in 2014 batch. He is actually a doctor and now he cribs about having to go through 100s of files everyday (even during pre-demonetisation era). They have some level of automation but all those red flags would again be reviewed to match declarations of income before they send notices. They still don’t spend much on IT infra and have limited budget for that. Also they are over protective about the data in their system and they never outsource it easily.

Even Modi said about catching people going through previous years records I guess? But I don’t know how they would go about doing it. They would most probably go behind big fishes.

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Deal Subedar
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ranjithsai01 wrote:

That’s not true entirely. One of my friend’s friend got selection through UPSC in 2014 batch. He is actually a doctor and now he cribs about having to go through 100s of files everyday (even during pre-demonetisation era). They have some level of automation but all those red flags would again be reviewed to match declarations of income before they send notices. They still don’t spend much on IT infra and have limited budget for that. Also they are over protective about the data in their system and they never outsource it easily.

agreed on over protectiveness.

Best wishes for all black money depositors.

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Deal Cadet
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You must be very rich to keep high amount in sb account, with out having personal income . get pan card immediately to make FD. no tax for you relax… only people who deposit 500/1000 notes more than 2.5 lakhs gets IT notice, if you get mistakenly tell IT people got from my father/mother/uncle who is senior Citizen or agricultural relative. issue closes no worry.. nothing about joint account you have it is for help your parents and save you from TDS taxes when you start earning more than 2.5lakhs

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Deal Cadet
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srigem81 wrote:

OP sirr @kool .. You must pay tax if your income is more than 2Lacs. Submit Immediately PAN to all your bank accounts and then Tax Deductions happens smoothly.

I have already quoted PAN in all accounts.

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desidude2013 wrote:

you could also have made an FD and invested for long term but now interest rates are going down…

Also I have made FD of Rs.1 lakh in 2015 from UBI saving account.

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pnagash690 wrote:

You must be very rich to keep high amount in sb account, with out having personal income . get pan card immediately to make FD. no tax for you relax… only people who deposit 500/1000 notes more than 2.5 lakhs gets IT notice, if you get mistakenly tell IT people got from my father/mother/uncle who is senior Citizen or agricultural relative. issue closes no worry.. nothing about joint account you have it is for help your parents and save you from TDS taxes when you start earning more than 2.5lakhs

http://www.bemoneyaware.com/blog/transactions-r...
Kabali
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ranjithsai01 wrote:

That’s not true entirely. One of my friend’s friend got selection through UPSC in 2014 batch. He is actually a doctor and now he cribs about having to go through 100s of files everyday (even during pre-demonetisation era). They have some level of automation but all those red flags would again be reviewed to match declarations of income before they send notices. They still don’t spend much on IT infra and have limited budget for that. Also they are over protective about the data in their system and they never outsource it easily.

Even Modi said about catching people going through previous years records I guess? But I don’t know how they would go about doing it. They would most probably go behind big fishes.

agreed they dont have man power n infra but once they finish of big fishes they will have time for small ones. also, do u know they randomly pick up person’s file n evaluate whole history. this has happened. https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif its like a lucky draw https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif

@anilenggworks77964

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blue wine wrote:

Very well said

You should be Charted Accountant

Spelling toh seekh le!
Chartered hota hai behen. https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

→ I would suggest OP to consult your family/any established Chartered Accountant.
They do nothing but help you evade on taxes, but legally. And you can carry on with your wealthy life after sharing a part with them. https://cdn2.desidime.com/assets/textile-editor/icon_smile.gif

Furthermore, why dont you clear the SSC exam and become an Income tax inspector yourself and get rid of this tension + IAS officer will be even more safe! https://cdn3.desidime.com/assets/textile-editor/icon_twisted.gif

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19 Female Gurgaon wrote:
Spelling toh seekh le!
Chartered hota hai behen. https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

→ I would suggest OP to consult your family/any established Chartered Accountant.
They do nothing but help you evade on taxes, but legally. And you can carry on with your wealthy life after sharing a part with them. https://cdn2.desidime.com/assets/textile-editor/icon_smile.gif

Furthermore, why dont you clear the SSC exam and become an Income tax inspector yourself and get rid of this tension + IAS officer will be even more safe! https://cdn3.desidime.com/assets/textile-editor/icon_twisted.gif

Ab shuru mat ho jana dono… Subah subah… https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

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Deal Legend
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1) First of all, you have to get rid of the misconception that you have no income. The bank pays you interest on your FD and the money in your savings account. That interest is counted as income
2) Gifts are also treated as income. However, the income you get via a gift from a family member is not taxable. But it’s always better to have documentary evidence that it was a gift. So if your mother/father gifts you money it would be better if (s)he gave it to you via a cheque rather than cash
3) Also, make sure that you declare this gift in your IT return. It goes in the exempt income section. It is not taxable
4) If you have quoted your PAN it is very likely that the bank is deducting 10% TDS on the interest. Have you filled up form 15G to instruct the bank not to deduct the TDS? If no, then go to the income tax efiling website and click the link to check your form 26AS. You will see what tax (TDS) the bank has already paid on your behalf to the IT department. The good news is that if you file a return you will get this amount back again from the IT department

So, I would suggest even if you do not have to pay any tax you should file your return
a) to document that you have exempt income
b) to recover your TDS
c) so that when you need it, you will already have your last 3 years of IT returns. This always comes in useful
d) since perception is everything, it will prove that you are an honest citizen who has nothing to fear

BTW, filing your return is very very easy. You don’t need a CA. Just read the form, the instructions and 1 or 2 blogs and you’re all set to go

P.S.
The IT department now tracks online purchases (through your bank account/card & not through the shopping site). 6-7 lakhs worth of purchases could trigger one of their flags. So it would be better to file a return
P.P.S.
After thinking about it some more, I think you should be worried. 13 lakhs online expenditure in only 2 years with no visible source of income and no IT returns is a big red flag (at least it would be if I coded their data mining software & I’m pretty certain they do not employ fools to do their coding)
P.P.P.S
Before you file your returns and show the income as a gift please check that your parents have paid tax on the amount that they gifted you (i.e. that they paid the tax when they earned that amount). If tax was not paid then you’re going to be opening a can of worms
@kool See the last postscripts

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Deal Cadet
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You don’t need to worry if you received all these money from your parent because gifts from parents are exempt from income tax, .

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Deal Subedar
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I think Its time for u to go to CA

hume bhi detail dena kya bola usne ?

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Deal Lieutenant
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what if one sells a property and buys another property + invests some savings out of sale proceeds in bank FD or Post Office with regular return income – what will be the IT probability in this case….

Assuming full cheque transaction
https://cdn2.desidime.com/assets/textile-editor/icon_smile.gif

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Deal Cadet
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@sbdtrial thank u so much Sir jee, for explaining in detail.

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19 Female Gurgaon wrote:


Furthermore, why dont you clear the SSC exam and become an Income tax inspector yourself and get rid of this tension + IAS officer will be even more safe! https://cdn3.desidime.com/assets/textile-editor/icon_twisted.gif

https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif #SoTrue

@sbdtrial Thanks for guiding the OP with sound advice. https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif

Kabali
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@sbdtrial im now doubting we have an IT Person in between us https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

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Deal Newbie
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it is a difficult question, needs a lot of information before giving any worthwhile advice. The source of fund is the key.

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Deal Cadet
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Ca se milo unke pas har cheez ki jugaad hoti h

Kungfu
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19 Female Gurgaon wrote:
Spelling toh seekh le!
Chartered hota hai behen. https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

→ I would suggest OP to consult your family/any established Chartered Accountant.
They do nothing but help you evade on taxes, but legally. And you can carry on with your wealthy life after sharing a part with them. https://cdn2.desidime.com/assets/textile-editor/icon_smile.gif

Furthermore, why dont you clear the SSC exam and become an Income tax inspector yourself and get rid of this tension + IAS officer will be even more safe! https://cdn3.desidime.com/assets/textile-editor/icon_twisted.gif

Thank God, you did not suggest him to become the Prime Minister of India to get rid of these.

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Deal Subedar
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Desh badal rahaa hey bhaai

kaaydaa kaanoon kabhi b, raat 8 bajey change ho saktaa hey.

v never know 2morow

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