Mr A. Deposited Rs. 3 lakh in post office (20 FD's of 15 thousand each) for 6 month . The same is stated in his income tax returns (He added 10000 interest income while filing returns for these FD's ).But he did not maintain proof of this trasaction (as all transactions were done in cash). So is there any sort of penal actions/penality there if he fails to prove he deposited such amount in Post office.
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Source of income - Unprovable
Replies (3)
what is the source of the income
In my opinion, You should to maintain the receipts of FDR maturity value and actual FD amount which you had invested.
or you take a duplicate copy of FD from Postoffice.
Cause it mention the rate of int of FD to calculate actual interest.
Regards
MAYANK
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Thanks Thats exact Query . If someone fails/unable to present such recipts .What could be the penality . "someone simply stated in his/her returns that he/she earned interest of appx. 10-15 thousand by depositing rs 2-3 lakh from his white money. But did not maintain proof of such earnings, what could be consensuses of it"
Originally posted by : M .K. Jha |
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In my opinion, You should to maintain the receipts of FDR maturity value and actual FD amount which you had invested. or you take a duplicate copy of FD from Postoffice. Cause it mention the rate of int of FD to calculate actual interest. Regards MAYANK |
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