Do I have to pay tax for money in my account?

The interest that you receive from a savings account is taxable under the head “Income from other sources”. Further, Section 80TTA provides for a deduction up to Rs 10,000 on such interest income and therefore, interest earned beyond Rs 10,000 only is taxable.

What Does Your account has been credited meaning?

A credit balance on your billing statement is an amount that the card issuer owes you. Credits can also be added to your account because of rewards you have earned or because of a mistake in a prior bill. If the total of your credits exceeds the amount you owe, your statement shows a credit balance.

Can I deposit 50000 cash in bank without pan?

No PAN mandatory for deposit or cash transactions above Rs 50,000, you can use Aadhaar. Earlier, Budget 2019 proposed to allow the use of Aadhaar for filing income tax returns in case anyone does not possess PAN. UIDAI Twitter account. For cash transactions over Rs 50,000, people can use their Aadhaar instead of PAN.

Is credit real money?

Credit money is monetary value created as the result of some future obligation or claim. As such, credit money emerges from the extension of credit or issuance of debt. Virtually any form of financial instrument that cannot or is not meant to be repaid immediately can be construed as a form of credit money.

How did I get Rs 50000 cheque from a friend?

You asked Rs 50,000 from your friend as loan and paid him back after 1 month. You got Rs 50,000 cheque from your relative on your wedding. Your father transferred some money you your bank account as help for some purpose.

Is transfer of 10 lack Rs from one family member taxable?

If its from brother or sister etc.. its not taxable in your hands.. If its distant relative, then it will be taxable as per your slab as its treated as your income above 50,000 No , its not .. When one relatives transfer 10 lack rs in my saving ac only for 4 month then can i payable for tax and if payable then how to file the income tax return??

Is withdrawal from Provident Fund(PF) account before completion of five years taxable?

Withdrawal from Provident Fund (PF) Account before Completion of Five years taxable? Withdrawal of Provident Fund may attract Income Tax. TDS @ 10\% will be deducted from the withdrawal amount subject to monetary limit of Rs 50,000, if the withdrawal happened before completing five years of subscription.

Is net banking from one bank to another bank taxable?

No, its tax free for you ! Not upto Rs 50,000 and incase you repay him back, then there is no issue at all for any amount of money ! i always send money from one bank to another bank through net banking of third person. Will it be taxable .