If we do a cash deposit of total 17 lacs split as 8 lacs between my mother and me within the 50 day period i.e.from 10th nov-30th dec. What are the tax implications considering the fact that we both file returns and come under 10% tax bracket. Also what would be the amount of tax and penalty to be paid on these cash deposits as this was undisclosed income over a number of years.
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Cash deposit above 2.5 lacs
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Hello shweta there will be heavy penalty and taxes if you declare your income there are some other legal ways where you can avoid penalty and taxes whitemoneyadvisor @ gmail.com
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