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Notice reply urgently


Jyoti Narang (Kkk)     13 February 2020

Jyoti Narang
Kkk 
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if a person has property purchased in 11-12 and not disclosed in return for that period and got the notice for the same now. then what can be the consequences or reply to the dept for that.

avater

Jyoti Narang (Kkk)     13 February 2020

Jyoti Narang
Kkk 
 17 likes  334 points

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It's approx 55lacs

avater

rama krishnan   14 February 2020

rama krishnan

 939 likes  10183 points

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You might have got 148 notice.. so better file your return of income and explain the sources for the purchase amount

avater

Jyoti Narang (Kkk)     14 February 2020

Jyoti Narang
Kkk 
 17 likes  334 points

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Thn what are the consequences as return filled but sources not disclosed at that time

avater

rama krishnan   14 February 2020

rama krishnan

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Then you have to pay tax on the amount for which you can't explain sources

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Jyoti Narang (Kkk)     14 February 2020

Jyoti Narang
Kkk 
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In if the sources explained as per Bank statement then no tax on that amt and on remaining Amt at 60/ or anything else

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rama krishnan   14 February 2020

rama krishnan

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The rate of tax will be slab rate existed for a. y. 2012-13 and not 60% or 30%

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Jyoti Narang (Kkk)     14 February 2020

Jyoti Narang
Kkk 
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It's not a part of unexplained income so chargeable to 60 per? and any penalty or proceedings regarding unexplained income.

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rama krishnan   14 February 2020

rama krishnan

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60% tax rate is under 115BBE and it was introduced from a. y. 2017-18. minimum penalty of 100% or maximum penalty of 300% may be levied

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Jyoti Narang (Kkk)     14 February 2020

Jyoti Narang
Kkk 
 17 likes  334 points

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OK thanks so its covered under sec 147 and chargeable at the rate of that a y


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