Prime Minister Modi Surgical Strikes Black manipai are black kuberulu exit. Hundreds of crores of its eagerness to ladutunnaru White'm the money. He meant the various routes. Hence, their bank accounts holding millions of small account holders to deposits of the tribe are anxiety. However, a sudden increase in demand for those accounts.
However,
to take the free money in your account that comes with it .. we saw the
board back into the picture .. If you would utter. ... This will be the case for the team before the expected, the central bank will also tailor-made sketch. December
30, in the middle of the 10th month from the date of the deposit with
the central revenue secretary, said to be complete transparency. Small traders, workers in the concern of deposits that did not work,
but there will be a complete surveillance of hundreds of thousands of
people who make a deposit, he said.
5 things you should not hide from the Income Tax Department
People
often avoid showing their sources of income or tend to show less income
in their Income Tax Return to reduce their tax burden. But, they do not
realise that the Income Tax Department might have knowledge about their
financial transactions which can point towards accrual of sources of
income at your end.
Yes,
there are many financial transactions about which the department has a
pre-hand knowledge even if you do not declare them in your Income Tax
Returns. Therefore, you should declare all your sources of various
incomes properly otherwise, it may lead to adverse consequences. This
article discusses what the department knows about you.
Mutual funds purchased
Mutual
fund companies are required to file an annual information return to the
Income Tax Department if the units purchased by a person are of value
more than Rs 2 lakh during a particular financial year. They have to
furnish the customer details such as name, address, and PAN, etc., for
making such investments. As a result, the IT department knows about the
investments made by the person in a particular year. Therefore, you must
ensure that you disclose the source of income from which mutual funds
were purchased.
Cash deposits
Banks
have to disclose the details of customers who have deposited cash of
more than Rs 10 lakh in their savings bank accounts during a financial
year. Thus, the banks report all the details of such transactions along
with the PAN to the Income Tax Department. Since Rs 10 lakh is a huge
amount, it is suggested that one should maintain proper books of account
so that you may be in a comfortable position to explain the source and
application of money deposited in the bank account to the Income Tax
Department.
Property sold and purchased
If
the purchased and sold property value is more than Rs 30 lakh, then the
authority registering the transaction has to report the details of the
transactions in its Annual Information Return which contains the name,
PAN, address, and amount of transaction of the purchaser and seller of
the property.
So, the purchaser should
disclose the source of income from which the payment for property has
been made and while the seller has to ensure that they do not forget to
report capital gains on the sale of the property in their Income Tax
Return.
Furthermore, in case of sale of property of
more than Rs 50 lakh, the purchaser deducts TDS at the rate of 1 per
cent from the payment made to the seller. After deducting the TDS, the
purchaser files Form 26QB with Income Tax Department in which the
purchaser informs the amount of sales considerations & TDS deducted
along with the names & PAN of the parties involved in the
transaction.
So, Form 26QB also serves as an important
source of information to the Income Tax Department for all the
transactions related to the purchase of sales and property. Therefore,
you should not avoid declaring such income as the department is
pre-informed about it.
Interest income
Banks
deduct TDS on interest on FDs of their depositors. This TDS is deducted
if the interest paid by bank is more than Rs 10,000. However, many
people forget or avoid mentioning this income in their Income Tax
Return. Whereas, the Income Tax Department is already aware about the
income, because of the TDS return filed by the banks. They also have a
record of customers (including their details) whose TDS has been
deducted. Thereby, you should not forget to declare your interest
income.
Understating of salary
Some
taxpayers wrongly believe that they can understate the salary details in
their Income Tax Return to avoid tax liability. Do not ever dare to do
so as the Income Tax Department has complete information about all the
details of all the salary paid to you by your employer.
At
the end of each quarter, the employer files the TDS return in which the
employer declares the salary paid to all the employees on a monthly
basis and thus Income Tax Department captures all the salary data from
the TDS return.
Furthermore,
your Form 26 AS also shows the total amount of Tax Deducted at Source on
different salaries by the various employers, along with all the details
such as total salary, etc. Therefore, you should declare all your
income properly on your Income Tax Return.
From the
above mentioned points, you can easily understand that Income Tax
Department keeps a hawk eye on all of your high value transactions such
as sale of mutual funds, shares, property purchase, salary received,
etc. So, you should not ever try to evade any income as the Income Tax
Department can easily trace it out by analysing your financial
transactions.
1.5 lakh to Rs 2.5 lakh from the taxable amount does not, it crosses the eagle eye caused khayamantunnaru your account. If you want to deposit more than the total income of Rs 2.5 lakh returns have said in the past, it was not enough. If the Secretary of Revenue said it would take two hundred percent penalty tax. So
.. batimaladarano your own relatives, helping them to take a step
forward you .. you know that was going to look after the drops. Your picture is reversed there. Jara care. Take a step to think of the time when no offers. Otherwise you'll be booked.
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