It dept.
This query is : Resolved
18 December 2013
Heloo...
My query is individual is earning below taxable limit since last 10 years.
He is not filing any I.T. returns. Now he makes invest a big amount of Rs.10 lacs in bank saving account then plz tell me any kind of question can be raised by icome tax dept regarding big investment????
18 December 2013
The scrutiny selection is lottery based. In case he is called upon if the investment pattern is covered under their scrutiy criteria he will have to explain the same.
Prepare a balance sheet for all the ten years and sources of income documentation. It will be handy for you to explain the source.
Prepare a balance sheet for all the ten years and sources of income documentation. It will be handy for you to explain the source.
18 December 2013
if a single transaction of 10 lakhs takes place dept will get information as his banker will file these details in AIR
..
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so better ready with some reason which will support for the source for 10 lakhs
.
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just take some consultant help when you got notice from department
..
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so better ready with some reason which will support for the source for 10 lakhs
.
.
just take some consultant help when you got notice from department
19 December 2013
In my opinion, it was not mandatory for you to file ITR. You can just get prepared a Capital Account and a balance sheet for last 10 years, which could help you.
If in doubt, seek professional help.
If in doubt, seek professional help.
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