Hello,
I have not filed returns since my income is already taxed (TDS) @ 10% - professional fees.
Now I have 25 lakhs cash which I will deposit in savings bank account - this is my agricultural income of last many years.
Can I file returns for last 2 years and this year to show this amount and pay the tax? or is it tax free as it is agricultural income? or will I get 200% penalty?
""I have not filed returns since my income is already taxed (TDS) @ 10% - professional fees."
TDS is not income taxed, but a liability declared to department. Bound to get letter from department, based on TDS deducted.
You are required to prove that the cash you hold is AGRICULTURAL INCOME. If proper justification not provided, penalty will be levied.
Contact an expert, and try to declare whatever possible as per law.
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