is liable for penalty?
This query is : Resolved
Suman Govil
(Querist)
16 November 2016
if a salaried person is having cash upto 1cr as saving and he had filed the itr on regular basis under 30% slab on his salaried income which is 12 lacs, But he had no withdrawls from bank in last two years.
is he liable for penalty of 200%? or he can deposit 2.5 lacs on regular basis in his saving bank account? what will be the other solutions in this case?
CA R SEETHARAMAN
(Expert)
16 November 2016
As the saving is not commensurate with the income penalty will be applicable for cash deposit exceeding 2.50 lacs.
16 November 2016
you may not be able to justify 1 crore of savings against meagre income.
this case is prima facie fit for levy of penalty
this case is prima facie fit for levy of penalty
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