Income disclosure scheme
This query is : Resolved
03 September 2016
Where a person have not filed IT returns for eight years whether the income to be declared should be net income after deducting expenses allowable as per income tax Act,can he take the benefit of threshold limit applicable in respective years,can he take the benefit of deductions u/s 80. Explain by hypothetical example the working of tax payable.
03 September 2016
That is not the way you think. It is like this.
Take the bank balance and cash balance as on 01/06/2016 and take the market value as on 01/06/2016 of movable and immovable assets held and pay 45% tax on it.
Take the bank balance and cash balance as on 01/06/2016 and take the market value as on 01/06/2016 of movable and immovable assets held and pay 45% tax on it.
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