Cash deposit
This query is : Resolved
12 November 2016
suppose Mr A filed his return of Rs. 4,00,000 in AY 2016-17. Now he has deposited Rs. 50 lakh in bank and paid advance tax on 50 lakh and will file his return showing such Rs. 50 lakh as income from other sources in AY 2017-18. even he will have to pay penalty @200% ? Please advise.
12 November 2016
Penalty payable on such huge deposits if source of income is not proved.
12 November 2016
sir
thanks for advise
please also let me know , what will happen if i disclosed u/s 68 and paid tax @30%
thanks for advise
please also let me know , what will happen if i disclosed u/s 68 and paid tax @30%
12 November 2016
Liable for 200% penalty.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Treatment of Pension ?annuity returns on PMVY
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- STCG FOR GOLD ETFs
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
