DUE TO 9 LACKS INCOME IN MY SAVING BANK ACCOUNT I HAVE RS 35380 INTEREST INCOME. DUE TO WHICH I AM GETTING TAX LIABILITY OF 3000 APPROX...
IF I DOESNT FILE RS 10000 INTEREST INCOME WHILE PREPARING RETURN FOR AY- 16-17, THEN I CAN AVOIDE TAX OF THIS RS 3000..
I KNOW THAT IS NOT A RIGHT WAY TO DO THAT TO AVOIDE TAX. BUT ACCORDING TO YOUR PAST EXPERIENCE DO INCOMTAX DEPARTMENT GO THAT DEEP TO FIND OUT MY EXACT INTEREST INCOME...I WANT TO BYEPASS THAT YEAR WHITOUT PAYING TAX... THANX.
30 July 2016
it is advisable to reflect the correct figures of your interest income. It will be wrong ad risky as well to hide it just for small amount of tax you may attract the concelament penalty if the same is found later on.
03 August 2016
as per your query yes it is not good to do such things to avoid tax but still from my past experience income tax department will not go on such deep to find accurate amount of interest earned..
CAclubindia
