Help Regarding Income Tax Planning and 1st ITR

Tax planning 645 views 2 replies

Ravi Gupta

Student of CA-IPCC CS and M.COM

243 Points Posted on 20 December 2010

I got my PAN Card made in 2008, since then I have not filed any Income Tax Return..
But now I want to file an Income Tax Return.. I want to show me working as an Accountant in my Father's Factory and recieving 15000 per month..
So is it possible to do this.?
And
What should be the mode of Payment..?
We have only 7-8 employees taken together..
Most important thing that Can I show that I have assets of about8 to 10 lacs so that this money of 8 to 10 lac and the salary income which I am showing could help us in future while purchasing any House or Car etc.
You all can understand, what I wanna do and why..?
Plz help me in the possible way and tell me the right thing to do..
Plz reply with details that how should I file my 1st Income Tax Return and how can I show such Assets of 10 lac in that ITR which I don't have..
Plz plz plz Reply in detail..

Replies (2)

U S Sharma

glidor@gmail.com

21068 Points Posted on 20 December 2010

Please share your age and educational qualifications, to get a brief view of past year possible savings.

You have not indicated your personal source of income also, whether you are in salay of any private/corporate/psu or self employed / businessman and whats your annual income from that post.

As you tell to get book entry in fathers business as accountant, how he can show these entries, as he has to pay monthly contribution of employees towards PF/ESIC/Profession Tax. if he is easy to fullfil these, then u can think to continue.

The source of 8-10 Lacs may get investigated with your bank accounts if its found suspious, so why not show the real facts, as on today the actual payout of incometax is very nominal for average indian taxpayer,