a person who is already tax paying by filling ITR .He has no cash balance on as date... . but has some rs. by is non declare income if he deposits now Rs. 500000/- in his bank a/c. then what rs will be tax liabilities. and in assesment year 17-18 how to compute his tax liabilites. Please suggest.considering his return can be 600000/-without deducting 80c & 250000/- for male and for female what will be tax liabilities with penalties.
Different opinion on the subject:
1. Pay 30% u/s 115BBE over the cash deposit, penalty CANNOT be levied. They don't guarentee about non levy of guarentee u/s. 270A
2. Pay legitimate tax as per slab, by declaring the same under Income from other sources, and rely upon your fate.
Goverment has assured:: not to be harsh on small or medium class citizens.
Naveen Fintech Pvt Ltd
Kolkata
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New Delhi
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