Localfund.com - All about Fund and Investment
*Home>>>Investment Account

Question about Income Tax, only expers answer please.?


Hi,
I'm the unlucky kid (28 years old). My father asked me to sign a lot of blank papers and I had to do that. My circumstances were bad and I signed Bank account statements, checks, blank papers, etc. He forced me to do so. Now, as far as I know, he has done some kind of investments on my name. Add to it, he used my PAN card to control his finances. I'm now away from my family and parents. I'm earning and living on my own. Dad wont co-operate with me and wont give me ANY information what he has done with my bank account and whats going on with my Income Tax. Is there any other source from where I can understand what is going on with my bank account and my PAN (Income Tax)? Please help, this is urgent.
The poor one.

1. Apply for a New PAN Card. Surrender the OLD one. Keep xerox copies of both applications, before filing and after filing. Do them both on the same day. Within short time all your PAN based transactions (running) will go out of order, for want of VALID running PAN Photo Card.

2. This message will be shared by IT department, at all concerned places like BANKS, DEMAT accounts etc.,

3. Place a small piece of advertisement (public notice to all bankers saying that particular PAN number to be banished. how to draft etc., ask a practicing chartered accountant. Don't hesitate on paying him), scan that advertisement, and post it on e-mail ID of all banks (available on www.rbi.gov.in.) This advertisement will release you from VICARIOUS liability on PUBLIC.
4. Send copies of public notice to your dad's address. Response will be THUNDER!
NOWWWWWWWWWWWWW!!!!!!!!!!!!!!!!!!!!!!!...
You will get all the info, treatment, fair deal etc., you wish to.

Is there an analogous thing to the American "Credit Report" in India?

You could get a copy of that, and it should list your open accounts.

No to worry. This is your father. He is not your God. I know you don't want to get your father in trouble but you have to do something about this because it will get worst. I am not telling you to lock your father up but you can put a freeze on your account and straighten matters. I suggest you seek legal advice. You can go to your local legal aide and get some help/ It's free.

investments wont cause any damage to you, since capital gains are now tax free... bank deposits are mostly deduct tax at source.
no other investment asks for your pan no.

The only thing which strikes my mind is he would have opened some bank accounts using your name & pan card... a possible case of money laundering.... (routing illegal funds into legal bank accounts) or taken loans in your name. if you have any friends in any good bank, ask them to run a check on the cibil website against your details for loans...(www.cibil.com); go to all local banks, and request them to run a search against your pan no. to see what accounts have been opened.

hope this helps.

Tags
  Investment Company   Investment Calculator   Investment Bank   Investment Advice   Investment Account   Invest Money   Invest in Gold   Invest Fund   Income Fund
Related information
  • What are the best online brokers if I am mainly interested in ETFs?

    I use Scottrade and have been very satisfied. They have a good trading platform and customer service. They are cheaper than Etrade. I'm not familiar with Zecco, other than looking at the...

  • Sharebuilder?

    I checked out sharebuilder once. I didn't sign up because of those automatic investments. What that means is you basically by the same stock or several stocks with regular money you contribu...

  • Masters degree in taxation vs. Law degree?

    Here is the real deal. Law Sucks. I am an attorney. However, I went to a top 15 school and had mediocre grades. I found the job market to be depressing. So much time, planning, and money went into...

  • I have a questions about Seth IRA and Mutual Shares Mutual funds?

    Be careful, I'd stick with the cd's. They will often try to talk you into mutual funds and annuites and such with a possibility of a much higher return, but that is not always the case. ...

  • Which of the following would increase the net present value of a project?

    Since the formula is NPV = i +ia /(1+r) + ib/(1+r)^2+ ...... decreasing the denominator i.e r which is the discount rate will increase the NPV

    ...
  • Should i do my own taxes?

    Go to a private CPA and have them do your taxes. H&R Block and like companies are the BIGGEST ripoff. It's nothing more than someone sitting at a desk looking at a screen and answering q...

  • I hate my new job (2 weeks!) Help!?

    just hang in there, you could be surprised at how much you actually understand and know it once you give your self the chance. you are new, and there has to be a learning curve, and I am sure your...

  • How do I calculate an annual percentage yield based off quarterly returns?

    The best method to compute such a return is to use IRR (internal rate of return) using a spread sheet like Excel. For instance, you would lay out your cash flows like this: -100 (Initial Invest...

  •  

    Categories--Copyright/IP Policy--Contact Webmaster