way of Money deposit

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Mandeep singh (Querist)
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16 November 2016 plz suggest this situation 1) can anyone deposit rs.250000 in one's more than one account each?? 2) Is there any issue if I had never filed return of income and I deposit 10 lac in my four accounts in my name 250000 each? 3) these are my savings over years not black money .plz suggest how can one face it?

Jaspal Singh

Jaspal Singh (Expert)
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17 November 2016 Hi
2.5 Lacs is basic exemption limit applicable to assesee for no tax However in your case your incomes are more than that limit you are liable for tax payments . Also Limit is applicable for One assessee and for all accounts combined,not separately

Mandeep singh

Mandeep singh (Querist)
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17 November 2016 sir is my savings would be liable to provisions of undisclosed inome section 68 and liable to penaly 200% ??

Mandeep singh

Mandeep singh (Querist)
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17 November 2016 I have never filed return before

Jaspal Singh

Jaspal Singh (Expert)
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17 November 2016 You can file return for two years.Show income accordingly and pay proper tax on it.

Jaspal Singh

Jaspal Singh (Expert)
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17 November 2016 You can file return for two years.Show income accordingly and pay proper tax on it.