I am a Govt Employee working since 15 years and file IT returns every year. This financial year (2016-17) my annual salary is around 14 lakh. This year I will be paying 1.4 lakh income tax as I am falling in 30 percent slab.
Three year before, I had done investment of rupees 4 lakh (cheque) in private construction company. This financial year I got my principle and interest rupees 6 lakh (cheque).
My queries are
- Do I need to show 6 lakh as income in this financial year or 2 lakh rupees?
- If 2 lakh need to show assuming that 4 lakh rupee as my principle amount which was given 3 year before, How can show 4 lakh as not my income while filing tax return?
- Suppose, if I don’t report this 6 lakh rupee while filing the return, can I need to pay tax later or any penalty from income tax dept?
CAclubindia
