dear sir,
my aunt is a private tutor and her annual income is less than 1.5lakh.she is been teaching scine three years and has no bank aacount.Since she is not the bread earner of the family she wishes to deposit her savings in a new opened bank aacount.will she have to pay any tax if she deposit all her savings(around 4 lakh) this year in the bank. ??
Dear Rocky,
No way Brother, depositing ur own some in Bank Account is not taxable..............
But be sure that her Income was less then the exemption limit in all 3 years since she was not a tax payer........
well legally she can
but it will raise the eye brows of the a.o especially if the husband is a proprietar
u should deposit small amts like 15000 per month
use the cash for household expenses
and invest the husbands surplus
thanks 4 ur valuable comments .
@ amirji - income is very much less than the exemption limit in all the years.
@ djtauraus - in previous years the income has been shown under the head of income from other sources since there is no record or document to show the money recieved from students.
is there any other way to show this income ??
and i would be oblige if u could tell the consequences that i would face if i bank -in all her saving at one go. ??
CAclubindia
