IDS-2016
This query is : Open
04 August 2021
After 5 years blocked period (16/03/2016 to 15/03/2021) received Rs. 1976100/- from the RBI. Is the amounts received exempted income for reporting purpose in ITR? If not, what type of income is? How to show the amounts in balance sheet in ITR? Is it current (deposit) assets in balance sheet of ITR? Kindly send your valuable reply. Regards, Limpa Chakraborty
04 August 2021
Kindly help me by way of sending your valuable opinion. Regards, Limpa Chakraborty
04 August 2021
It's advisable to take a professional opinion. Because with the brief description, one will not know the intricacies of the case narrated. It might lead to oversight of some vital information. But on a general note below is my reply:
The income, disclosed appropriately under Income declaration scheme 2016 along with proper payment of notified tax and penalty, will not be added to your income in any assessment year. Hence there is no need of reporting it, I believe. In your balance sheet it can be incorporated with the bank balance(Asset side) if it's lying in your bank account as it's a free fund available for further utilization without any restrictions. And on the liabilities side it can be shown as part of capital (in case of individual) else as part of reserves and surplus.
The income, disclosed appropriately under Income declaration scheme 2016 along with proper payment of notified tax and penalty, will not be added to your income in any assessment year. Hence there is no need of reporting it, I believe. In your balance sheet it can be incorporated with the bank balance(Asset side) if it's lying in your bank account as it's a free fund available for further utilization without any restrictions. And on the liabilities side it can be shown as part of capital (in case of individual) else as part of reserves and surplus.
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