way of Money deposit
This query is : Resolved
Mandeep singh
(Querist)
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
(Expert)
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
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
(Querist)
17 November 2016
sir
is my savings would be liable to provisions of undisclosed inome section 68 and liable to penaly 200% ??
Mandeep singh
(Querist)
17 November 2016
I have never filed return before
Jaspal Singh
(Expert)
17 November 2016
You can file return for two years.Show income accordingly and pay proper tax on it.
Jaspal Singh
(Expert)
17 November 2016
You can file return for two years.Show income accordingly and pay proper tax on it.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
