Non Disclosure of Bank Account
This query is : Resolved
29 April 2009
I have a bank account which has transactions of the financial year 2008.
What happens if I dont disclose it in my returns?
Someone said, each deposit in my account will be taken as income .... is it? Under which section? pllzzzzzzzzz 4 god sake help me!!!!!!!!
What happens if I dont disclose it in my returns?
Someone said, each deposit in my account will be taken as income .... is it? Under which section? pllzzzzzzzzz 4 god sake help me!!!!!!!!
30 April 2009
The maximum amount of deposit(Peak Balance in the account) at any time in your account may be treated as your Income. Moreover, the nature of transactions may further suggest whether there is some other source of income wherefrom the income has been earned but siphoned out to other channels. The department may further take into account the same.
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