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Tax on savings of past years after linking of PAN to bank account
31-Jul-2023 (In Tax Law)
My question is regarding tax on savings of many years. My friend has savings worth 30 lakh+ in form of savings bank account balance+ fixed deposit+post office m.i.s . As Linking Aadhar with pan is now mandatory govt will be aware of all bank p.o details. Will income tax department ask for tax on these balances? Note: his income per annum is below 2.5 lakh .
1. interest accruing each year from fixed deposits are taxable
2. Rs. 10000 is exempted from tax liability from cumulative interest on bank and post office.
Now if the total income i.e. salary/business income + bank interest cross 2.5 lakhs then question of paying tax arises.
2. Rs. 10000 is exempted from tax liability from cumulative interest on bank and post office.
Now if the total income i.e. salary/business income + bank interest cross 2.5 lakhs then question of paying tax arises.
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Adv. Tathagata Sarkar
Kolkata | 100+ Answers
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