25 February 2015
Hi, My father received a letter from IT dept asking why he have not filed taxes when his savings account had more than Rs 10 lakhs in deposit. He do have deposits in multiple banks, and if he is filing does he need to show all those deposits. Will IT department have access to all the bank deposits or is it ok if he files taxes just showing the deposits which have amounts greater than 10 lakhs.He is a senior citizen aged 75years and they are asking to file from 2010 to current.
25 February 2015
ok right now since he did not file from past 5 years, does he need to show all the deposits. Will IT have access to all bank deposits?
Querist :
Anonymous
Querist :
Anonymous
(Querist)
25 February 2015
ok right now since he did not file from past 5 years, does he need to show all the deposits. Will IT have access to all bank deposits?
25 February 2015
it is the taxable income that needs to be shown and not the sources of deposits.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
25 February 2015
for taxable income do i need to submit all the interest accrued? Will IT have access to check all our bank accounts to see if everything is submitted?
25 February 2015
this is what my letter says 1) F.Y2010 Information code AIR-001 Description" Deposited cash of Rs 10 lakhs or more in a savings bank account" 2)F.Y2011 Information code TDS-94A Description: TDS Return - Interest other than interest on securities. And we did have so many deposits which expired and we don't have track of those numbers.If we go to bank they are asking for deposit numbers. In this case what happens if I miss any of the deposits in filing.
25 February 2015
what was the source of income for depositing so much in savings account? agriculture income?
whther tds was deducted by banks on deposits?
Querist :
Anonymous
Querist :
Anonymous
(Querist)
25 February 2015
My brother is in USA and he sent all this money. Most of the deposits in all banks are done for less than 5 lakhs. And They credited back the TDS. But Somehow one bank made the deposits for 10 lakhs, because of which this audit popped up. So what shall he do?
25 February 2015
then u need to prove that you borther have sent the money and there is no tax as applicable on such transfer of income.
tds deposited under whihc section as per tds certificate issued by bank?
Querist :
Anonymous
Querist :
Anonymous
(Querist)
25 February 2015
Since it is been five years we don't have any proofs to show that it was sent by him . And now auditor is asking to reveal all the deposits and he have huge amount of deposits, which my brother sent from 2000 to current.Do we need to reveal all the deposits he had and interest he made on those deposits.Or showing some of them and filing tax on them will be fine? We know for sure which bank had this 10lakhs amount, so we are thinking to file taxes only deposits in that bank and another bank. But skip remaining.
25 February 2015
ask your bro he may have and moreover if it was transfered via banking channels you can ask the auditor to see the bank statements for same.
you take opinion of a seniort ca in thjis case residing in your locality