Is there any Tax implications for using NEFT for transfering money between two banks ?

POSTED BY arom ON November 6, 2014 11:00 am NO COMMENTS

I want to transfer a sum of Rs 75000 from one of my SB account to my  SB account at a different bank. Both these bank accounts are linked to my same PAN card. I had heard that for any transactions above 50K the bank will send a notification to the IT dept.

And for bigger amounts IT dept can/might start an enquiry. I’m a salaried person and my company deducts TDS on my income and I’m file my returns properly as well. So I have nothing to hide, but don’t want to face the trouble of any IT enquiry.

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