Our friends who know more about Pan card and income tax can help me. I am doing a small scale real estate business, means buy a property and sale, I am getting nearly 5-6 lakhs per year. The problem is when I sale the property I always deposit this money, upto 25 Lakhs in Nationalized banks. This may be for one or two months.
I have pancard. Could you please tell me do I need to pay tax per year? Does the bank report about the deposit amount story to tax department? How can I handle this issue?
Please advise me
Regards
Jayashree Nair
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