does transactinf more thorugh online banking lead to income tax problems ?



Hi..Im from India.
Im having SBI account and during last two month’s, i have transacted almost 8 lakh’s..and there are trasactions of min 10,000-20,000 in my account.
so now i want to know, if there is any income tax problem, if i transact like this or is der no problem?
please help me..

does transactinf more thorugh online banking lead to income tax problems ?
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3 Replies to “does transactinf more thorugh online banking lead to income tax problems ?”

  1. Making bank transaction does not lead any problem from income tax point of view. Unless you try to hide income taxable under income tax act. But you should be careful in respect of provision related to AIR. As per AIR provision banks are under obligation to inform income tax deparment in respect of SB account in which there is total cash deposit for more than Rs 10 lacs in a year.


  2. If you are not hiding your income, nothing to worry.
    All banks do report to IT on regular basis if the over all outstanding reaches 10Lk (SB+Curent+FD)






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