Return filing
This query is : Resolved
31 March 2017
We have one bank account..from which fixed deposit Interest comes... That is showing in 26AS... But that bank has huge bank balance..arnd 30 lacs.. Due to some transaction made in past on account of sale of property... We have not reported that earlier.. Is there any issue showing.. That bank acc in return due to huge balance?? But we r showing other two account.. In which pension income arise..
31 March 2017
Report the income in the current year and pay applicable taxes. Voluntary disclosure avoid penalties. As that bank account interest is showing in 26AS you have to necessarily disclose the bank AC in the return.
31 March 2017
Wt if.. We dont want to show that income..and just show fd int and bank details.. There wud be any consequences???
31 March 2017
If they found out undisclosed income higher penalty and interest will be levied.
31 March 2017
If they found out undisclosed income higher penalty and interest will be levied.
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