Dear Professionals...plz give ur valluable suggestions in this regard.... it will be very helpful as am not related to this field.
My neighbour got a compensation from Govt. worth of Rs. 11,56,786 on 18 Jan' 2018 for death of her husband in an accident 5 years back. The amount was credited to her bank account and she got a document as around 1,24,000 as Income Tax. Plz guide what she has to do now with respect to Income Tax. She is working as a pvt. school teacher now and does not files Income Tax Returns Yet. Is there any problem frm Tax Point of view if she withdraw that amount from her account ?
Plz Suggest whether she has to pay any tax additionally ? r can she recover that Tax amount stated in document ? Will She has to file Income Tax Returns ?? Any documents are there to collect from Bank etc..
Being from a small village we dont have Tax Professional to guide in this regard.... So Hoping a great help from u all..
Thank You all for giving ur time.
CAclubindia
