A person got savings of 2O Lakh in cash. which he some times used for business agriculture etcHe saved this from over a period of 20 years.He never used to have a bank account. but because of the introduction of new currency he forced to deposit that. now what will be his tax liability. is it any way to spread this over a period of 20. since the return of individual is not compulsory he can say that all those years his income was below the slap therefore not submit return
There is no way out except ti deposit this money in a Bank Account. however the assessee should keep his explanation ready about his source of such income. please note verbal ecplanation wont count and has to be supported with paper evidence
CAclubindia
