Do i need to pay income tax if i have 1 rupees lac in my bank account ?

Answer this question

  • Do i need to pay income tax if i have 1 rupees lac in my bank account ?


Answer #1 | 14/12 2013 11:26
Income tax is on earnings only and not on the amount. If your earnings are more than 2 lakhs per year, then you need to pay taxes. You need not have to pay anything even if you have 20 lakhs in your account.
Positive: 75 %
Answer #2 | 14/12 2013 15:06
You have to pay Income tax on annual earnings, not on amount kept in bank account
Positive: 69 %
Answer #3 | 15/12 2013 21:02
No tax on Rs.100000/- but tax on interest earned on that amount.If interest earned is Rs.10000/- and more for any financial year Banker will deduct Tax and issue TDS certificate.
Positive: 49 %
Answer #4 | 15/12 2013 21:52
No you are not because Income tax is not paid on Savings but it is paid on Income earner during the year. For further clarification write your query at:
Positive: 17 %

Possible answer

... paid by Indians [Overview, Numbers ... 1.3% of all tax payers have income ... so they have to pay nothing as income tax but this do ...
Read more
Positive: 75 %
Are you required to file an Income Tax Return for ... of whether you have income or loss during ... signing authority in a foreign account.
Read more
Positive: 70 %
Income tax on fixed deposit interest ... from bank side, but you still need to pay tax from ... income of my wife and mother (on each account) ...
Read more
Positive: 56 %
... how much income tax do you have to pay? ... 20% tax slab. If your income is rupees two ... policy of rs 1,35,000. and per year need to pay ...
Read more
Positive: 33 %

Show more results