Bank accounts

This is a very simple question . 
My main question is that if a person has five bank accounts and if he only pays the annual income tax of four account and in the fifth account he transact a lot of money . What will happen to him . I prior notice would come for the mistake he has done sometime else would be done.
Asked 2 years ago in Income Tax from Mumbai, Maharashtra
If the transactions in account no 5 has tax element department can proceed with reopening of assessment u/s 147
Vijay N. Kale
CA, Hyderabad
248 Answers
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There is no problem in investing in share market provided you can explain the source of investment to Income Tax
 Department or else entire investment will be treated as income and taxed in the year of Investment.
Vijay N. Kale
CA, Hyderabad
248 Answers
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I think the question was asked 5 days ago and if it is already clarified. But i post my views if it is helpful.

1. Recently the Income Tax department is tracking all the Bank accounts and link the same with the PAN and income of the individual or otherwise. So if the transaction is more in the fifth account you need to declare the same. Notice as per our view will come.
Shyam Sunder Modani
CA, Hyderabad
1366 Answers
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See for the second question we need to have your income details stating you have enough income or loan amount from which you are investing in Share Market.

Investment in share market is not a problem and since it is speculative in nature profit or loss is not guaranteed. There will not be any problem in again investing in share market. Till the time you can show your source there will not be any problem from Income Tax Department 
Shyam Sunder Modani
CA, Hyderabad
1366 Answers
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