Mention business ss your occupation
you are not a student
online deposit did not trigger KYC
Re-KYC request from bank, confused about what to put for occupation
Re-KYC request from bank? I had given my PAN/Aadhar to my bank few years ago, but in September this year, they sent me a “Updatiojbof periodic KYC” letter stating the documents against my account are not as per the latest RBI list of officially valid documents. I play online poker full time and have been withdrawing 10-15L in a calendar year to this bank account for the past 2-3 years. My accountant also files my ITR-1 showing this gambling income as “income from other sources”. But I don’t think the ITR asks for “occupation”. 1) Is it possible that these regular 2-3L online deposits triggered the re-KYC? 2) What should I put as my “occupation” in the new KYC? I think in my last KYC several years ago, I had just put “student” but not sure what to put now since I don’t have a 9-5 job. The options are: private sector, public sector, government service, business, professional, agriculturist, retired, housewife, student, forex dealer, others (please specify). Can I just put student as I’m doing an online course right now? But put annual gross income as 10-15L? Thanks in advance!
Asked 2 years ago in Taxation
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7 Answers
1. It is routine that the bank demands for updating the KYC after a lapse of considerable number of years after submitting the KYC details earlier.
2. Since you are no more a student, you can show your occupation as business.
3. Don't complicate the issues which could be solved in a simple manner, hence yo better write business as your occupation which will anser all the subsequent queries automatically.
Thank you sir.. my CA files ITR-1 and reports my online gambling winnings as “income from other sources”… so not sure if I should still put “business” as occupation? Because income from business is filed under ITR-3 I believe? How about “professional” or “others” instead?
Asked 2 years ago
you are not professional . you are not lawyer , doctor , CA etc
act as per your CA advice
You are not practicing any profession by which this amount has been earned, hence this is perfectly mentioned as income from other sources.
Showing the income from other sources and mentioning your occupation as /business' is different to that of the ITR, hence you better do not complicate the issue by adding such irrelevant things.
This is a practical issue which do not deserve controversy to this extent.
Dear client,
It's likely that the increased regular deposits into your bank account, especially if they're substantial and frequent, triggered the re-KYC request. Financial institutions are required to periodically update their customers' KYC details to ensure compliance with regulatory standards, so increased or irregular transactions might prompt such requests. Regarding your occupation in the new KYC, the options provided might not perfectly match your situation, but selecting the closest match would be advisable. In your case, considering your full-time engagement in online poker and your accountant filing your income under "income from other sources," you could consider "professional" as a suitable occupation. This category often covers individuals engaged in various professions or activities not specifically categorized. If you're currently pursuing an online course, you can mention that as an additional detail under the occupation of "professional" or "others" if there's space to provide additional information. Regarding the annual gross income, it's essential to accurately report your income to the best of your knowledge, especially when it comes to tax-related matters. It might be a good idea to discuss these options and their implications with your accountant or a financial advisor to ensure that your KYC details align with your tax filings and don't cause any discrepancies or issues in the future. You can reach out to us for further assistance
Yea you can put student but how will you hide your earnings as student don’t earn
1. As per Banking rule, KYC is required to be done once in every two years for high risk customers, and once in every eight years for medium risk customers and once in every ten years for low risk customers.
- Since, you are earning the amount from the Poker , then it comes under the High Risk customer , and i.e. why the bank is asking for the updating of KYC.
2. You can mention as private job or work as self employed in the Colum of Others.
- Since, your income is excess of the income of fixed by the Income tax department, then you cannot mention as Student.
