Income tax...
Querist :
Anonymous
(Querist) 20 November 2011
This query is : Resolved
My case is fixed up for scrutiny u/s 143(2) of the Income Tax Act. Under AIR reports i have been asked how did i deposit more then 10 Lakhs in a savings bank account during the year to which i have no answer.
I am ready to pay the tax by declaring the said amount during the proceedings which is unanswerable by me during the proceedings u/ 143 (2) but please explain -
Is there some way that i can avoid paying the penalty 271(1)(c) or others if any)
( I cannot revise my return now as the time to revise it is within a year but its more then that by now and i think its time barred).
A V Vishal
(Expert) 20 November 2011
If the client himself buckles under pressure then how can a professional help him, actually if you can catch hold of some good professional locally you can avoid the tax, further by offering the amount to tax it proves your guilt and there can be no exit to avoid penalty proceedings, please tell the area of your residence and other details regarding your employment, source of income and brief note on how the summation crossed the Rs.10 lakh mark.
Rajeev Kumar
(Expert) 20 November 2011
Yes i agree with expert vishal
Querist :
Anonymous
(Querist) 20 November 2011
It is not 10 lakhs its 40 lakhs ... i am well aware of income tax laws ... do u thin some one can really adjust that big an amount as cash in hand ...
Thanks ...
A V Vishal
(Expert) 20 November 2011
PLEASE GIVE BRIEF FACTS OF YOUR CASE, FURTHER I QUOTE YOU "i am well aware of income tax laws ", THEN HOW COME YOU COMMITTED SUCH A BIG BLUNDER, I SUGGEST YOU GIVE THE FACTS RATHER THAN BROODING ABOUT THE ISSUE, WHAT HAS HAPPENED IS PAST, IF YOU GIVE BRIEF DETAILS MAY BE WE CAN HELP YOU OUT.
Querist :
Anonymous
(Querist) 20 November 2011
I deposited 40 lakh of unaccounted cash in a savings bank account which was reported to the ITO under All India Reports and my case was fixed for scrutiny. I have not shown that much of cash in hand in my return of income but can i show such a big amount in my Statement of Affairs (Personal Balance Sheet) which i will be giving during my case.
Thanks ...
prabhakar singh
(Expert) 21 November 2011
yes, i do agree experts query reply
A V Vishal
(Expert) 21 November 2011
Yes Mr Anonymous you can show it in your Statement as affairs as loans/advances for expenses or purchases. However, the ITO may ask for confirmation of the same.
Querist :
Anonymous
(Querist) 21 November 2011
Can there be cash loans above Rs.20,000/- ...
Guest
(Expert) 21 November 2011
I agree with Mr. Shailesh Kr. Shah.
Vineet
(Expert) 26 November 2011
Mr anonymous, you have evaded tax and done blunder of creating a third party record for the same.
Now, my sincere advice is pay tax and penalty and pray that the case does not reach prosecution. Resorting to dubious means will further trap you.
I request ld ADVISORS on this forum, not to support tax evasion by suggesting illegal means or using colorable devices. Tax planning is diffeent from Tax Evasion. As responsible professionals you should suggest people to abide by law and arrange their affairs in accordance with law.
Guest
(Expert) 26 November 2011
When you are ready to pay the due tax, what is the problem in paying tax on undeclared income?
