How to file return for excess income

Tax queries 147 views 2 replies

Nikhil Gadewal

officer

23 Points Posted on 12 December 2016

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?

Replies (2)

Udgam Koomar

Tax Technologist

1949 Points Posted on 12 December 2016

If you dont show, you are at your own peril if notice comes. Just the interest part is your income, if you have proper documents showing you did investment in private company, nothing to worry.

Nikhil Gadewal

officer

23 Points Posted on 13 December 2016

Thank for the reply. The proper documents to show my investment, I have the MOU on stamp paper. Can I show the bank statement for the cheque given to company and return back from same company? Which document will be best?

I got the amount in break-up, 1.5 lakh 2 lakh and 2.5 lakh. Does the breakup amount will also be seen as income? Since my annual income is around 15 lakh, getting 2 lakh extra will raise an concern for Income tax department?

Please do relpy to my queries.