Hello,
I wanted to find out if i have legitimate income in my bank account and i have not paid income tax on the savings bank interest. does this make the income black money? I have not added any interest income till now in my ITR. Therefore i am asking this question.
Thanks for your advice and help.
Peter
The word 'Black Money' has no definition. But any income over which legitimate tax is not paid may be termed as 'black money.'
Its upto you, to revise your last two years return, pay tax over it and make it WHITE!!!!!!!
As Savings Bank Interest Is allowed as Deduction U/s 80TTA ,U would have been Shown in Return, I Think No issues will arise on Such Income,
If and only if that income is Less than Or Equal to Rs.10,000
As Savings Bank Interest Is allowed as Deduction U/s 80TTA ,U would have been Shown in Return, I Think No issues will arise on Such Income, If and only if that income is Less than Or Equal to Rs.10,000
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