Transferring large amount of funds from your one bank account to other.

[NikhilG]

Does banks do reporting to income tax department if large amount of funds transferred from your one bank account to other?

 

[VasukiVasuki is verified member.]

How much is large

 

[Lorddiesel]

Yes.

If you file correct ITR every year, not to worry.

 

[NikhilG]

How much is large

Like upwards of a cr

 

[NikhilG]

Yes.

If you file correct ITR every year, not to worry.

But if both accounts are mine, still reported to income tax department

 

[VasukiVasuki is verified member.]

But if both accounts are mine, still reported to income tax department

No
Just do rtgs np

 

[VasukiVasuki is verified member.]

If it's reported it's gonna be on u having 1 cr.
Not on your TRX of 1cr going to own other account

If you pay your taxes there is nothing to worry.

 

[brightknight]

yaar x crore bhi to larger trxns se hi accumulated honge. tab bhi to huye honge report. Koi instant generate to nhi huye bank account me.

 

[praful47]

Online transfers me bhi banks report karte hai ?

 

[NikhilG]

yaar x crore bhi to larger trxns se hi accumulated honge. tab bhi to huye honge report. Koi instant generate to nhi huye bank account me.

Exactly it's all white, taxes paid but I don't want any eaves dropping by it department. Nirmla Tai ki nazar bhi kharab hai

 

[brightknight]

Exactly it's all white, taxes paid but I don't want any eaves dropping by it department. Nirmla Tai ki nazar bhi kharab hai

i agree. but that thing only. sab white hai or duly taxed toh nothing they can do

 

[NikhilG]

Online transfers me bhi banks report karte

Karna to nahi chaiye

 

[sunit123]

But if both accounts are mine, still reported to income tax department

No...not reported...any transfer within same PAN is not reported even if it is in crores...

Ppl are sharing wrong info here

 

[2025]

No...not reported...any transfer within same PAN is not reported even if it is in crores...

Ppl are sharing wrong info here

What about transferring to self joint account where the transferee is 2nd holder. AFAIK, pan of the first holder are linked straight to the joint account (even though both pan are integrated within). Please enlighten.

Take an example like.... doing self upi in BHIM app or some other upi app often change the account holders name (to 1st holder) even though same upi id. Give detail information if available to you.

 

[sunit123]

What about transferring to self joint account where the transferee is 2nd holder. AFAIK, pan of the first holder are linked straight to the joint account (even though both pan are integrated within). Please enlighten.

Take an example like.... doing self upi in BHIM app or some other upi app often change the account holders name (to 1st holder) even though same upi id. Give detail information if available to you.

No idea bro for joint accounts...i only transferred between self singgle accounts

 

[NikhilG]

Moving all my funds from one bank to another, I again 5k every month as interest on sa. Should I do the hassle?