10 November 2016
sir i am earning some income since i have got age of 18 years but this income was in tax free slab so i have not file income tax return detail are here 2008-09 income rs. 180000 2009-10 income rs. 190000 2010-11 income rs. 190000 2011-12 income rs. 190000 2012-13 income rs. 200000 2013-14 income rs. 200000 2014-15 income rs. 250000 2015-16 income rs. 250000 total income rs. 1400000
i have made personal house hold exp. rs. about 560000 in these year , now have about rs. 840000 in cash in old curency , i have never file income tax return in these year because i have not taxable income so question arise that can i deposite these amount of rs. 840000 in my bank acount in old currency ? will income tax department accept my this explainetion ? will any tax liability arise or not ?
10 November 2016
Seems difficult to establish your stand. If so, tax liability attracts on Rs. 14,00,000 and penalty of twice the amount ( as per report in vernacular daily) will be levied.
10 November 2016
CAN I DECLERE INCOME OF RS . 250000(TAX FREE)+150000 (CASH GIFT FROM RELATIVE)= RS. 400000 WITH FILE ITR OF 2014-15 AND ANOTHER RS. 250000(TAXFREE)+ 150000 (GIFT FROM RELATIVE)= RS. 400000 IN ITR OF 2015-16 WITH FILING ITR AT NOW 2014-15 INCOME RS.400000 2015-16 INCOME RS. 400000 TOTAL RS. 800000 SO CAN I DEPOSITE RS. 800000 IN CASH IN BANK ACOUNT AT NOW WITH OUT PAYING ANY TAX
11 November 2016
As you have not filed any return as on date, IT dept will not accept your views. The entire 8 lacs will be considered as income of the current year.
11 November 2016
@ MONIKA YOUR CLARIFICATION AND EXPLANATION OF YOUR INCOME PURELY FABRICATED AND INCOME TAX DEPARTMENT WILL NOT GIVE RELIEF IN YOUR EXPLANATION , NOW TIME YOUR WILL TAXED ON THIS AMOUNT . AGREED WITH OTHER EXPERT ANSWERS.
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