Does Income tax deduct automatically by bank in India?
I have a savings bank account in India. I have earned some lakhs this year through some freelance work. I would like to keep that money in the bank itself.
Do I need to manually do anything for income tax?
What will happen if I leave the money in bank? Will the bank deduct the Income Tax automatically from my savings account?
What will happen if I have or have not linked the PAN card?
Thanks in advance.
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There are quite a few things you would need to do;
Estimate how much you are earned, find out the tax liability and pay the tax in advance to Income Tax. You can do it online as well, go to the Income Tax website
The interest you earn is also taxable and Bank would deduct a nominal amount, ensure that you have PAN registered with the Bank Account. You need to add this to your overall income and pay tax.
You would also need to file returns every year.
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