14 January 2017
SIR AN INDIVISUAL ASESSE ( DATE OF BIRTH 25/07/1978) HAVE NOT FILE INCOME TAX RETURN TILL NOW , BECAUSE HE HAVE NOT TAXABLE INCOME ACORDING INCOME TAX SLAB TILL NOW BUT HE HAVE MAKE SOME ASSETS IN LAST 19 YEAR FROM HIS SAVING NOW HE HOLD THESE ASSETS BANK BALENCE = 425000 LAND PLOT = 150000 CASH IN HAND = 75000 LOAN AND ADVANCE = 425000 STOCK IN TRADE = 85000 ------------------------------------------------------------- TOTAL = 1160000 WILL IT DEPARTMENT CONCIDERD HIS ASSETS ? BECAUSE HE HAVE EARNED THIS ASSETS IN LAST DEFERENT YEAR FROM HIS SAVING AND HIS INCOME WAS ALWAYS HAVE IN TAXFREE SLAB
15 January 2017
If a person regularly files his Return, it becomes easier to prove that the investment has been made from the savings and income has been earned in the different years. In your case, you have to submit the proof of data of income of different years and match the investment in assets by preparing Balance Sheets of the past years.
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