Income tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2018 If SOME PERSON HAS FILED ITR FOR LAST 10 YEARS ( 2 LAKH ANNUAL), CAN HE MAKE A TOTAL OF CASH DEPOSITS OF 10 LAKH IN BANK IN LAST 10 YEARS

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 April 2018 If you can prove,well and good. Otherwise, your idea may turn to be a tax planning
for tax avoidance which leads to penal actions.

Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2018 But in above scenario, his income for last 10 years = 200000 * 10 = 20 lakh......suppose his expenses are 10 lakh.....still he can save 10 lakh.......I think it is very reasonable that he can save this much amount. And if you are not satisfied with above calculation, How much money should be saved by someone for an annual year if he files rerun on 2 lakh for that year .

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