shobhit (aa) (339 Points)
30 July 2016DEAR SIR, DUE TO 9 LACKS INCOME IN MY SAVING BANK ACCOUNT I HAVE RS 35380 INTEREST INCOME. DUE TO WHICH I AM GETTING TAX LIABILITY OF 3000 APPROX...
IF I DOESNT FILE RS 10000 INTEREST INCOME WHILE PREPARING RETURN FOR AY- 16-17, THEN I CAN AVOIDE TAX OF THIS RS 3000..
I KNOW THAT IS NOT A RIGHT WAY TO DO THAT TO AVOIDE TAX. BUT ACCORDING TO YOUR PAST EXPERIENCE DO INCOMTAX DEPARTMENT GO THAT DEEP TO FIND OUT MY EXACT INTEREST INCOME...
I WANT TO BYEPASS THAT YEAR WHITOUT PAYING TAX...
THANX.
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 30 July 2016
after taking all the deduction under chapter VIA (i.e. 80C, 80D, 80G, 80TTA etc), your income is chargeable to tax.
Generally department does not enquiry but tax should be paid on total income
Mihir
(Wealth Manager)
(5293 Points)
Replied 30 July 2016
Check your 26AS. TDS must be deducted by bank on interest.
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 30 July 2016
I think, bank does not deduct TDS on interest from saving bank account because bank is not liable to do so
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 30 July 2016
If your PAN is picked up for scruitny you will have hard time explaining the anomaly.
Priya
(Article)
(94 Points)
Replied 03 August 2016
If this case picks up in scruitny..what can be the worst consequence??
CAclubindia
