Income tax

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

15 April 2018 Sir, is past untaxed income of previous year taxable in india ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

15 April 2018 the income is to be taxed in the year in which it was earned. So any past income that remained untaxed in the relevant previous year, needs to be taxed in that year itself

Querist : Anonymous

Querist : Anonymous (Querist)

15 April 2018 So sir, if the past untaxed income is foriegn income and the assesse is non resident person, and now he brought into in india, so its taxable in india or not

Upgrade to CAclubindia Pro. Subscribe Now!

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

15 April 2018 then it is not an untaxed income. You should have the facts of your case and understanding of tax laws. All the more important if you are advising your clients.

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
Follow

16 April 2018 What kind of income? What is your residential status? If you have earned income during the previous year it will taxed during the current assessment year. If such tax has not paid then you have to pay it along with the interest for late payment and interest for deferment of tax.