Income tax query

being in employment one can not earn by other means which is related to similer profession, it pays dents to the employment terms.

you can deposit the money in your mother's account if she is not a pan holder then u can deposit (present age - 18) x 80000  amount to her account,. 

assuming 80000 savings per year  of her average since her 18 years of age by various sources of income. 

My mother is a PAN card holder. Please provide more suggestions.

select any family member with no pan under same formula.

Originally posted by : rohan kapoor
	Hi,      My name is Rohan Kapoor and I am a student of IT. My father was a civil engineer. Well i have a big question about tax planning. My father didnt pay the tax according to money he earned. He was a government official and had a salary of 25,000. But he use to take contracts from his bosses and do work on behalf of them and got lumsome amounts of money from them in cash. According to my father he could not show this money to the government and i dont know why. I just have to know how can i pay tax on this money and keep it safe in bank. As of now this money is kept with relatives whom of course we cannot trust. I just want to find a way out of this so that i can keep money in my own account. This is a very serious problem for me. Please suggest what can i do?

you can deposit the fund in your account also with reasonable saving @ 100000 annually for last three - four years.

Hi rohan,

there is one way but I want suggestions of my fellow CCI members.

You can buy agricultural Land with that money.Being unaware of the amount you are holding I am assuming the amount is suppose 10 Lac then the amount can be adjusted to buy agricultural land in the name of mother or even your self.Till date there is no record of money in the eyes of law.and in vilages there are hardly chances that they will ask money for cash.then after sometime as per need you can sale that land.since the sale of agricultural land is exempt from Income tax there wont be any problem regarding the taxation on the consideration.

Its better to Invest the black money in Assets.you can put them on rent as since practically your father is a salaried person and that too in government there are almost nil chances that his case will come in scrutiny but in case (GOD FORBIDS) his case come in scrutiny then Ito ko thoda sa khila k bhi baat ban jati he.lolzzzzz.most of the cases in our income tax are handled this way only.that is the only reason that in the population of millions we have only hundreds of cases.So chill mar yaar.

Thanks Saharsh. I dont know may be i am thinking a lot. But if i go out to buy a land will there be no questions about the source of funds to by the land? Also i have been advised that i can pay IT on this money in small amounts by showing income from other sources like tailoring, etc. I want to know is this option good? If so then how much revenue can i show yearly so that this amount is cleared gradually. And how do i file income tax? Do i have to do it myself?

Yes of course there will no question of fund and for the A.Y. 12-13 scrutiny of individual will not whose income is below than 10Lac. You can show amount till 10lac but don’t increase income suddenly in ITR otherwise it will come in IT dept. eye you can show income increasing accordingly last two year don’t hike more…