4 Replies to “may i know that any tax will be imposed on remittances to savings bank account ,if yes please give details?”

  1. There is no tax on remittances to saving bank account either from outside India or within India. However, a little amount in form of service charges for remittance of amount is being levied by some banks.

    The Memory Guru of India

  2. remittances are tax free because you you are going to remit with after-tax money. interest income is taxable and will be added to your income to calculate the same.

  3. no tax will be imposed on remittance to savings bank account. But you should have clean record for your remittance. i.e 1) source of income to remit the amount in S.B account other than salary or income earned through any type of small home business2) you should keep a record with proof.
    Tax will be imposed if you show your account balance for the following.

    If your income is through Short term trading in shares : 15%
    If your income is through salary : upto Rs.150000/- no tax.

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