How can income tax department will impose 200% penalty
This query is : Resolved
18 November 2016
SIR IT WILL BE TECHNICALLY WRONG
IF ANY INDIVISUAL ASSESEE WILL DEPOSITE RS. 4.50 LAKH IN HIS SAVING ACOUNT BETWEEN 8-11-2016 TO 30-12-2016
AND SHOW THIS INCOME OF FY 2016-17
AND WILL PURCHASE NSC OR LIC OR PPF OR ANY OTHER 80C QUILYFIED INSTRUMENT OF RS. 150000 BEFORE 31 MARCH 2017
SO QUSTION ARISE
AS GOVERMENT HAVE ALREDDY DECLERED IN BUDGET INCOME TAX SLAB FOR FY 2016-17
RS, 250000 TAXFREE
RS, 150000 80C DEDUCTION
RS. 50000 87A TAX RELIFE OF 5000
TOTAL TAXFREE INCOME RS. 450000
SO HOW CAN BE GOVERMENT WILL DENY OF HIS OWNED ANOUNCED BUDGET ?
IF ANY INDIVISUAL ASSESEE WILL DEPOSITE RS. 4.50 LAKH IN HIS SAVING ACOUNT BETWEEN 8-11-2016 TO 30-12-2016
AND SHOW THIS INCOME OF FY 2016-17
AND WILL PURCHASE NSC OR LIC OR PPF OR ANY OTHER 80C QUILYFIED INSTRUMENT OF RS. 150000 BEFORE 31 MARCH 2017
SO QUSTION ARISE
AS GOVERMENT HAVE ALREDDY DECLERED IN BUDGET INCOME TAX SLAB FOR FY 2016-17
RS, 250000 TAXFREE
RS, 150000 80C DEDUCTION
RS. 50000 87A TAX RELIFE OF 5000
TOTAL TAXFREE INCOME RS. 450000
SO HOW CAN BE GOVERMENT WILL DENY OF HIS OWNED ANOUNCED BUDGET ?
19 November 2016
A deposit in bank, if the source of tax is unexplained, shall be taxed as per provisions of 68 r.w.s. 115BBE. The tax shall be 30% + SC+Cess without giving any deduction from the said amount. Penalty may be imposed on the difference of tax arising on account of the above.
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04 November 2021
No. Government will not deny the rules, provided you have declared the source of income legitimately, be it business collection.
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