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Showing fd in itr

ITR 238 views 4 replies

govinda

vaishnav

27 Points Joined July 2010

Hello

I have a FDR of Rs 10,00,000 (Assumed) and i have filled my first time ITR with Nil Tax for AY 16-17 and 17-18. In this ITR i have shown my FD but the income for these two years are below 230000 each year. Will i get any notice about my previous earnings of this FD and ask me any question on it or i have to pay any tax or panaly ?

Replies (4)

Anurag lohiya

Bara bazar

262 Points Joined June 2013

No penalty if you are able to prove the source of your income.

Anurag lohiya

Bara bazar

262 Points Joined June 2013

As it is not mandatory to file return of income of the assessee is below thershold.
( Assumed you have attained age of 18 at yhe time of generation of income).

Anurag lohiya

Bara bazar

262 Points Joined June 2013

Your case may be opened by vertue of section 68. However there is negligible chances of this happening.
However if the FD are created during the period of demonatisation the probabilty is high.