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

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


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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.
Answer #2 | 14/12 2013 15:06
You have to pay Income tax on annual earnings, not on amount kept in bank account
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.
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: http://www.ngoandtaxconsultant.in/p/blog-page.html

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