If we are using pan in deposting 4lakhs as fixed in bank
Querist :
Anonymous
(Querist) 17 September 2011
This query is : Resolved
sir actually we want to deposit 4 lakhs rupees as fixed in andhra bank.they said that pan should be compulsary..so i want to verify
>whether if we are using pan number.then any problem occur
>by the end of financial year any tax amount i should pay for this amount...
ajay sethi
(Expert) 17 September 2011
as per know your customer norms every bank has to obtain deatils of pan card of its account holders . the objective being income tax authorities can verify genuine ness of transactions and whether reflected in income tax returns filed by you .
in respect of interest earned on your fixed deposit bank will deduct TDS . the TDS certificate should be enclosed by you in filing your returns .
A V Vishal
(Expert) 17 September 2011
As per extant RBI norms and also Income Tax Act,if any amount more than Rs. 50,000 is either deposited in Savings A/c or in a fixed account by way of cash then it is mandatory to furnish the PAN details, further if the amount deposited is already taxed or exempt income say agricultural income then only tax on the interest received will be taxable in your hands.
prabhakar singh
(Expert) 17 September 2011
Expert : A V Vishal rightly guides you.
Sailesh Kumar Shah
(Expert) 18 September 2011
I have similar view as Expert Mr.A V Vishal Sir.
Guest
(Expert) 18 September 2011
Shri Ajay Sethi has rightly advised you.
Querist :
Anonymous
(Querist) 18 September 2011
sir i don't want tax to be applied in my money .what is the best way to deposit in bank ..
Sadashiv Rupchand Gaikwad
(Expert) 18 September 2011
PAN is mandatory o high value transactions.For Account opening PAN is also needed.ITD ask information u/s 133 of the Depositor list. Bank also file Annual Information Return where your PAN is strictly should Valid.Your yearly total interest goes more than 10,000/ so TDS is compulsory on quarterly basis.PAN mentioning in eTDS return is benefit to you.
You should be add accrued or received interest income in your gross income and take credit claim of your TDS by Banks.Income tax department may ask sources of income of this initially 4 lacs invested. Interest income tax taxable as per your slabwise.Sadashiv R Gaikwad 9371527111
mahendrakumar
(Expert) 18 September 2011
tax is deducted not according to our wish.
upto 1,80,000.00 not tax is payable.
if your recorded income from all sources exceed,you will have to pay the tax for the income above Rs,1,80,000.00
girish shringi
(Expert) 23 September 2011
Still if you have any doubt can visit my profile and mail me With full detail.
soumitra basu
(Expert) 23 October 2011
I am sorry to say that if the interest is more than 10000 then tax has to be deducted by the bank.
