Lost account statements - means black money?

Others 160 views 4 replies

Wae Jing Lonthaw

Others

345 Points Joined March 2014

I earned money from the year 2009 to 2013 and used a USA based payment provider and total income for these years was never above Taxable Limit, however my payment provider don't have financial statements of more than 3 years old.

Which means that I don't have proof of showing the money around INR 6 Lacs were earned from 2009 to 2013 and no tax evasion was made. However when RBI changed rules, they sent entire INR 6 Lacs to my Bank Account in India.

I need to know if Financial Statement is not available then it makes this amount as black money?

Replies (4)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

197316 Points Joined July 2016

In this digital age, almost any statement can be regenerated. Otherwise also minimum 7 years records are required to be maintain.

Wae Jing Lonthaw

Others

345 Points Joined March 2014

This USA based payment processor I used don't provide financial statements for more than 3 years. Now I want to know if this money will be considered black money by IT department? Please answer appropriately with full details at earliest.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

197316 Points Joined July 2016

You will be given chance to justify the source of the income. If by all means, you cannot justify, it would be treated as that.

Wae Jing Lonthaw

Others

345 Points Joined March 2014

I think, the account statements are lost and would proof IT department is not going to believe words? As the money arrived in my bank account of India in 2011 and 2013, can I file a ITR now and pay Income Tax with interest(or penalty)?

Or is it required that I go with the declaration of undisclosed income scheme which has been extended?