One of my friend have earned/collected Rs.1 crore during the F.Y.2016-2017 and deposied the bank at this time. What is the Income Tax liability borne of my client in that situation.
Please advise.
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Tax calculation
Replies (1)
Depends upon section under which its been assessed.
Some professionals advice to pay under section 115bbe @ 30%+cess and interest.
Refer: /forum/immunity-under-income-tax-act-section-270aa-375506.asp
or tax guru in//income-tax/section-115bbe-section-68-taxing-unexplained.H T M L
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