Hello.
what happens (in the current money scenario), if a person has about 1 Crore in cash and deposits it in his bank and declares it as income for AY 2016-17, but can not explain the source ? Is 270A attracted? What are other implications ?
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Unexplainable source of income
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As per some professionals, don't declare as per slab rate, but u/s.115bbe, ie. pay 30% tax + surchage. Section 270A doesn't trigger.
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