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

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Deal Subedar
kool

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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Generous Generous
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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.).

Deal Lieutenant Deal Lieutenant
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Very well said

You should be Charted Accountant

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

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

Deal Lieutenant Deal Lieutenant
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right = 6 to 7 lakh https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif

Be prepared they will send you notice after 1 to 8 years later

Anyway, Register PAN application online/offline
https://www.onlineservices.nsdl.com/paam/endUse...

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

Deal Captain Deal Captain
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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.

Generous Generous
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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 Deal Newbie
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He said he has wealth……

Deal Cadet 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

Deal Legend 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

Deal Cadet 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, .

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

hume bhi detail dena kya bola usne ?

Deal Major Deal Major
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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

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

Dimer of The Year 2020 Dimer of The Year 2020
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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

Deal Subedar Deal Subedar
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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.

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

Deal Subedar 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

Benevolent Benevolent
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Never underestimate IT dept, notice can come after 5yrs or even 10yrs also, and still you are liable to answer.
Your case is about white money, so no worries at all. I believe your parents transferred that money to you through electronic transfer or cheque and NOT physical cash.
I do not think your income is above 2.5lacs pa with most of of the money earning just 4%pa interest.

Deal Lieutenant Deal Lieutenant
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are sir afikn 6 saal se pahle ka hisab nahi mang sakte https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif

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Deal Newbie Deal Newbie
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Don’t worry,
They can ask you file return. If they ask then file your ITR otherwise not required as you dont have income. Income tax Department may ask about Any credit in your bank then show that as gift from parents or relative from wherever you received. in respect of income you earned as interest, it can not be clubbed with your parents if you are not minor. And since interest income is lower then 2.5 lakh you are not required file ITR as already said above.
If any other queries feel free to ask me at [email protected]

Deal Subedar Deal Subedar
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The whole point of demonitisation is to get hold of this people who have gathered money and don’t pay taxes by hiding this money. Dont underestimate Modi ji or IT people. Now its all software based management. Just think if a tiny Amazon can have such robust data analysis in US , what a national government can do. To be safe dont go by the advice of people who are not expert in IT rules

Deal Cadet Deal Cadet
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I have received a gift of 15L from my uncle (dad’s brother) last year and we used that renovate our house. Should I pay taxes for that?

Deal Newbie Deal Newbie
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Whether the amount is routed through ur account ?? if yes , whether that account is savings ??

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