1st time itr filing disclosure problem

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2015 my father has a trading business in his name. it was put in my name in 2015 feb.
i want to file ITR.
i have a shares , mutual funds , FD`s on my name.
if i show them in ITR is there any problem?? shall i have to prove the source how i purchased them??

please suggest

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 October 2015 Better to show it in ITR. You can prove the source when asked for.

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2015 how can i show the source sir.. i mean i havenot filed ITR till now and paid no ax till now. can u please tell me what are the consequences i have to face??

Amol S Joglekar

Amol S Joglekar (Expert)
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06 October 2015 what is the quantum of such shares, NF and FD?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 October 2015 If you have earned taxable income, not paid taxes and filed ITR, pay taxes for the last two years and file return.

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2015 NO sir till now i havent filed Return in my life..

Amol S Joglekar

Amol S Joglekar (Expert)
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06 October 2015 Are you worried about income or wealth?

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