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| Discuss Old saving accounts at the Taxation Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hello! I have two queries: 1) I have an old saving bank accounts. Submission of ... |
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#1
14th March 2008, 04:03 PM
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Old saving accounts
Hello!
I have two queries: 1) I have an old saving bank accounts. Submission of PAN was not mandatory at the time of opening such accounts way back in 1996. Though the account is not dormant, meager ammount lying in it was never revealed in my IT returns. Can I have transections in this account secretly now & escape the taxman's eye? 2) One of my friends says that small investments in post-office KVP can be masked in your IT return. Is it so? Kindly reply! 
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#3
19th March 2008, 08:00 PM
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Re: Old saving accounts
Quote:
Second, the whole idea to do it secretly without IT Dept knowing is wrong in the first place. For small sums this might escape notice of ITDept but large sums get reported through AIR. Once whole Tax Information Network is in place they might find about it and you have to face consequences. In any case for trading you require PAN Small investments in KVP might escape notice but then you loose peace of mind for nothing. Secondly Small is relative and depends how small it is . The idea to hoodwink tax authorities is fraught with adverse consequences and you should take help of Chartered Accountants if idea is to save on taxes and not hide income for tax purposes. Pankaj 
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