What is the transaction limit for saving account in a year without notice of Income Tax Department ?
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Hi guys,
I am not earning, but I have 5 saving account in different bank ( like ICICI, hdfc, sbi, IDFC, UBI) and also my name is in joint saving account with father ( 3 saving account in different bank ), with mother (2 saving account in different bank)
So total is 10 account. ( 5 as solo + 5 as 2nd holder in joint account).
In my all solo account there are ₹20k to ₹ 2 lakh , so total money is not more than ₹4lakh. Out of 5 account I regularly use ICICI & sbi for daily transaction like recharge, bill payment, flight ticket, ecommerce shopping. My maximum transaction in a year is not more than ₹2 lakh
In joint account either my father is main holder or my mother is main holder. So total might be more than ₹30lakh. Which is deposited with time, but we never transact from Joint account. only money is deposited from long time.( i.e 7-8 years)
Now I have few query :
1- What is the transaction limit in a year without getting notice by IT department ?
2- Does my all account counted under PAN? like I have total ₹4 lakh in all solo account + ₹30 lakh in joint account. So is my account gonna be count as ₹4 lakh or ₹34 lakh ?
3 – I do transaction of 2 lakh a year of bills, online shopping, but I have saving of total 4 lakh in different account from long time ( 7 years) So would they count my 4 lakh + 2 lakh = 6 lakh money or they only look for current year transaction of ₹2 lakh of expenditure ?
4 – I mostly deposit money thru cash,₹20k-50k by bank slip, or CDM so it is good or bad for person like me who is not earning yet
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So far, Only Cash Deposit above 10 lacs in saving account is reported to Income Tax Dept by Banks.
Only last point can create troubles, do not deposit cash, if you deposit then have proper explanation(just can not simply say someone gave money) for source of money and also file IT returns with some income.
1- Depends on the mode of transaction. If done online really you have no limit(high deposits may get reported as well). Cash deposits are reported beyond certain limit
2- Again depends on how much balance/etc your account is having. If you are just keeping account and getting interest (under limit) Banks wont report. but if you are making high transactions or getting TDS deducted than bank will report. but yes everything is under single PAN. For Joint account holder Primary account holder PAN is used.
4 – Its ok…such small transactions are not reported unless you are having high yearly cash deposits. Income tax guys are not interested in 50K cash deposits or so
What about balance of Single account and Joint account, are they come under one account ?
I am 2nd holder in joint account.
1. More than 5 lakh depends on It guys mood.
2.yes all account
3.Whatever you earn in current year is taxable plus interest from your previous years. Say you earn 100k this year which is fully taxable and you have 500K balance in savings from last years where by int on this amt is 30k , so this 30k + 100K will come under tax
4. I dont know whats your source but try to do NEFT or imps , cash transactions will attract IT like a moth to flame . If you get money from your parents its fully tax free no limit