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Cbdt: ay2014-15 onwards,tuition income not a genuine source.

ITR Filing 1290 views 2 replies

CBDT WARNS TO SMALL & MEDIUM TAX PAYERS REGARDING UNEXPLAINED INCOME & VIOLATION OF SECTION 44AA ONCE AGAIN...

FROM A.Y 2014-2015 ON-WARDS , TUITION INCOME ( on Irregular Basis ) CANNOT BE TREATED AS A VALID SOURCE OF INCOME OUT OF WHICH YOUR VARIOUS INVESTMENTS WERE MADE .
SO, FROM A.Y 2014-2015 ON-WARDS ,, YOU HAVE TO PRODUCE SUCH A PROPER AUTHENTICATE DOCUMENTARY EVIDENCES FOR SUCH KIND OF INCOME , OTHERWISE , THERE IS A PROBABILITY THAT , Income tax Officer may impose Penal Provision as UNEXPLAINED INCOME .

It's a responsibility of the assessee to produce with proper documentary evidences before an ITO/ASSESSING OFFICER ,, if there is any scrutiny for such kind of Tuition Income . 

Thanks.

Replies (2)

Thanks for the alert. Can you upload the relevant circular/clarification/notification/press release here in the Forum for easy reference please.

Thanks,

Respected Members,,

Source : Economic Times Bureau..

Actually, huge amount of tax payers are trying to show their investments ( in their balance sheet ) generated out of tuition income ( on irregular basis only ) i.e, income generated from tuition income & out of which investments were made so, FROM A.Y 2014-2015 ON WARDS, this concept fully ILLEGAL ( Unless & until subject to proper documentary evidences are require to be produced )......

 

Thanks..


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