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Undisclosed Recurring account

Tax queries 133 views 4 replies

Ankit Goenka

IT Dealer

79 Points Joined February 2011

I have an account which is KY C compliant but is not shown in my books of account. it's a old account and never came to my mind to show in my returns...
now that everything has changed and it's best to state everything what one has I would like to understand how would this be delt with...I withdraw money every year - keep the principal amount aside...use the interest but redeposit the same into the account ... I have this as a contingency plan for family emergency...please suggest and oblige.

Replies (4)

Mukesh Saini

STUDENT

73 Points Joined November 2014

Respected sir,

I will suggest you that give details of that account in the return and pay the taxes on interest earned on that account.

But for earlier year there is option you have .But if you want then Revise the return of year ended March '16 after Disclosing the account and taxes paid on into earned on that account.

Hope the Reply is valuable .

Thanks

Mukesh saini.