Well our family have some dormant accounts in banks like DCB, State Bank etc.
They haven't been operated from past 5 years to 15 years period.
We do get statement quarterly or half yearly but no transaction in same can be done as they have turned dormant.
The sum in across them is across 4-5 lakhs in 6-7 accounts.
They weren't operated because of shifting of my place, shifting of branch, non-cordial staff etc.
Now I made visit to them and they said you can't close your account straight away but first make it active and than re submit documents needed to open an account like light bill,voter id card, PAN card etc.
Now what I am worried is when we stopped using their account the sum was hardly 70-90k but over a period of time money reinvested in fixed deposits have increased the sum.
But we haven't shown this account in any of our family members returns.
What I am worried is if we re-activate and close the account still we will be sharing our PAN details.
Would that have any affect on our returns? I mean will the IT people start harassing us. Or to be frank does every year banks share its PAN data with It.
Or only those data where a particular data (like cash deposit of more than 5 lakhs in account etc etc)
They haven't been operated from past 5 years to 15 years period.
We do get statement quarterly or half yearly but no transaction in same can be done as they have turned dormant.
The sum in across them is across 4-5 lakhs in 6-7 accounts.
They weren't operated because of shifting of my place, shifting of branch, non-cordial staff etc.
Now I made visit to them and they said you can't close your account straight away but first make it active and than re submit documents needed to open an account like light bill,voter id card, PAN card etc.
Now what I am worried is when we stopped using their account the sum was hardly 70-90k but over a period of time money reinvested in fixed deposits have increased the sum.
But we haven't shown this account in any of our family members returns.
What I am worried is if we re-activate and close the account still we will be sharing our PAN details.
Would that have any affect on our returns? I mean will the IT people start harassing us. Or to be frank does every year banks share its PAN data with It.
Or only those data where a particular data (like cash deposit of more than 5 lakhs in account etc etc)