Bank Accounts for Individuals
Prateek
(Querist) 20 February 2011
This query is : Resolved
Sir/ Mam,
I would like to know that how many Bank Accounts are legal for an individual. Say if a person has 10-15 Bank accounts in various banks but his income is not taxable is he doing something illegal?
NOTTAM VENKATASAMY
(Expert) 21 February 2011
NO NORMS FOR NO OF ACCOUNTS, BUT WHATEVER THE ACCOUNTS EVERYTHING SHOULD BE THE LEGAL.
Parveen Kr. Aggarwal
(Expert) 22 February 2011
An individual can have any number of bank accounts and there is no provision prohibiting opening of 10-15 bank accounts.
malipeddi jaggarao
(Expert) 23 February 2011
I agree with the experts. But only to avoid TDS, though you have tax liability and considerable interest income, if you open accounts with different banks and avoid showing the interest income in your tax returns, then it is not legal.
Advocate. Arunagiri
(Expert) 23 February 2011
You dont get confused about the TDS on interest and the Tax payable on the interest.
Your total interest income has to be calculated for paying the TAX.
Prateek
(Querist) 27 February 2011
thank you every one for your valuable suggestions...