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.
Menu
Cash deposit above 2.5 lacs
Replies (1)
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
Recent Topics :
- Free CA Foundation Study Material - PYQs with Sugg
- INCOME TAX
- Moving from old to new tax regime after notice
- Need urgent help on notice
- ITR-3 - F&O Loss adjusted against business inc
- Error - Blank Rows in Schedule SI (ITR-2)
- Dividend from co-operative society
- SECTION 139(10) OF THE COMPANIES ACT, 2013 CASE
- TDS u/s.194C returns filed in ITR-1
- TDS on Property - Form 26QB Related
Related Topics :
CAclubindia
