20 November 2016
This is a query regarding taxability of amount in excess of Rs. 2,50,000/- being deposited by anyone into bank account. I want to ask how it can be taxed? since it is just a Contra entry and is not resulting in income of any kind.
kindly answer it in both conditions when the assesse files and do not files his ITR.
20 November 2016
Deposit Upto Rs.250000/-in savings account is not taxable, if excess of above if no source of income revealed than it will be taxed upto 30% tax and 200% Penalty .
CAclubindia
