4.5 lakh in saving account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2016 Dear Sir
Since my income is below the exemption limit hence i have never filed income tax return but now i have deposited the old currency of 4.5 Lakh. However if Income tax raise the notice asking the sourse of money. I will let them know that it was the saved money for the period of over 5 year. Pls let me know is there any possibility of consequences......

Regards
Sumit

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 November 2016 Tax and penalty will be levied if they don't accept your reply.

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2016 Sir why they will not accept my reply.
i have been earning and saving the money from the period of over 10 year however my saving money is around 70000 to 80000 per year
Then why they will not accept this explanation......

Amol S Joglekar

Amol S Joglekar (Expert)
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23 November 2016 your explanation may be accepted subject to your spending pattern. A mere mathematical multiplication wont wok well. You need to answer and be ready for umpteen cross questions.

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