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Notice reply urgently

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Kkk
1204 Points Posted on 13 February 2020
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.
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On 13 February 2020 at 14:32 Report
Replies (11)
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Kkk
1204 Points Posted on 13 February 2020
It's approx 55lacs
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On 13 February 2020 at 21:18
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12244 Points Posted on 14 February 2020
You might have got 148 notice.. so better file your return of income and explain the sources for the purchase amount
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On 14 February 2020 at 01:43
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Kkk
1204 Points Posted on 14 February 2020
Thn what are the consequences as return filled but sources not disclosed at that time
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On 14 February 2020 at 08:39
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12244 Points Posted on 14 February 2020
Then you have to pay tax on the amount for which you can't explain sources
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On 14 February 2020 at 08:57
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Kkk
1204 Points Posted on 14 February 2020
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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On 14 February 2020 at 08:59
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12244 Points Posted on 14 February 2020
The rate of tax will be slab rate existed for a. y. 2012-13 and not 60% or 30%
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On 14 February 2020 at 09:20
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Kkk
1204 Points Posted on 14 February 2020
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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On 14 February 2020 at 10:34
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12244 Points Posted on 14 February 2020
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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On 14 February 2020 at 11:44
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Kkk
1204 Points Posted on 14 February 2020
OK thanks so its covered under sec 147 and chargeable at the rate of that a y
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On 14 February 2020 at 11:50
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12244 Points Posted on 14 February 2020
Yes.....
.......
......
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On 14 February 2020 at 11:59
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Kkk
1204 Points Posted on 14 February 2020
OK thanx
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On 14 February 2020 at 12:43


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