Deposite more than ten lakh in bank a/c

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2018 Sir,
I deposited 130000/-lacs in my bank account in the F.Y 2012-13. now a latter come from income tax department for return. my question, is the deposited amount are taxable income . If yes, how must I pay the tax?

Somaj

Nikhil Kaushik

Nikhil Kaushik (Expert)

04 April 2018 you deposited the money. Should not you be knowing whether it was savings or income?

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)

04 April 2018 I presume return is not filed. You may pay the tax on such income now but you cannot file a return of income as the time limit for filing in AY 2013-14 is long over.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)

04 April 2018 Write to the AO explaining reasons for non pyment and non filing of return. If the reasons are accepted, he may condone the delay

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

05 April 2018 What You deposited in bank a/c is not your income it's your total receipts. You can claim expenses & other charges allowed & then pay tax on remaining amount.
So not to worry that much.Repky to your notice accordingly.

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