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Q. > Please Help: income tax
Hello Friends
i have a client who had sold out a property for 1.24 cr but registry srf 50 lac ki hui ye transaction 2013 mai hua tha usi doran usne 93 lac ke cash transaction kre account mai jis ke liye income tax ka notice aaya and asking for reply ab baat ye hai ki reply kaise de agar IDS scheme mai jate hai to 45% tax dena pdega koi or option ho to please suggest kre
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sanjeev kumar goel
12-Oct-2016 , 03:20:10 pmDear Friend, IDS scheme has been over and now you can not declare under this scheme. You may explain the source of 50 lacs as sale consideration received from the purchaser but for rest of 43 lacs cash transactions either you have to declare income for the year or show as petty cash loans of less than 20 thousand but it is not advisable as there will be lots of lenders of 20k each. So it is better to surrender teh amount and pay tax @30% plus interest. If you declare yourself then there will be no penalty. This only you can do if you have not file your ITR for the FY 2013-2014 and if already filed then you may revise your ITR if not filed belated or assessment not completed.