Showing fd in itr

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vaishnav
25 Points Posted on 18 December 2017

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 ?

 

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On 18 December 2017 at 20:50 Report
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Bara bazar
177 Points Posted on 19 December 2017
No penalty if you are able to prove the source of your income.
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On 19 December 2017 at 11:39
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Bara bazar
177 Points Posted on 19 December 2017
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).
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On 19 December 2017 at 11:40
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Bara bazar
177 Points Posted on 19 December 2017
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.
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On 19 December 2017 at 11:44
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vaishnav
25 Points Posted on 22 December 2017

Thank You very much

 

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On 22 December 2017 at 13:18

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