No harassment by Income Tax Department for such small deposits made.

Teufel

Teufel

EntMnt Knight
Finest Member
How do they charge 10℅ for above 2 lakhs of yearly deposit? Do they deduct from the bank account itself ? Sorry for stupid question I don't know anything about income-tax.

Posted using Entertainment Forum app
 
SRIRAM

SRIRAM

EntMnt Riser
Finest Member
Teufel said:
How do they charge 10℅ for above 2 lakhs of yearly deposit? Do they deduct from the bank account itself ? Sorry for stupid question I don't know anything about income-tax.

Posted using Entertainment Forum app
Click to expand...
Bro they wont charge you, You need to pay while paying incomtax for example my earning was 3.5 lakhs per annual so in this 2.5 lakhs was exemption remaning 1 lakh in this we have a medical exemption & insurance exemption 20d&80c so from this it will be reduse for medical clam is 4500rs and insurance is 6000rs so total 10500rs for 1 lakhs you need to pay 10% 10,000 rs tax so your are SB & others including will be around 11200rs in this 10500 will be reduse so you need to pay remaning 700rs by online in your bank account you can save yearly 3.5 lakhs transtions there will be no issues if you are paying the tax correctly ITR copy must be carried for any tax verification this for your clarification.

My point is that above 2 lakhs they can moniter but I am also holding 12 lakhs inmy home what hells just now deposited I have an account for it and it was a white money no there will be no issue I will differently receive a system generated notice for the details I will provide so nothing to worry for white money only balckmoney peoples need to fear on this.
 
Music Fan

Music Fan

EntMnt Contributor
Appa said:
Bro they wont charge you, You need to pay while paying incomtax for example my earning was 3.5 lakhs per annual so in this 2.5 lakhs was exemption remaning 1 lakh in this we have a medical exemption & insurance exemption 20d&80c so from this it will be reduse for medical clam is 4500rs and insurance is 6000rs so total 10500rs for 1 lakhs you need to pay 10% 10,000 rs tax so your are SB & others including will be around 11200rs in this 10500 will be reduse so you need to pay remaning 700rs by online in your bank account you can save yearly 3.5 lakhs transtions there will be no issues if you are paying the tax correctly ITR copy must be carried for any tax verification this for your clarification.

My point is that above 2 lakhs they can moniter but I am also holding 12 lakhs inmy home what hells just now deposited I have an account for it and it was a white money no there will be no issue I will differently receive a system generated notice for the details I will provide so nothing to worry for white money only balckmoney peoples need to fear on this.
Click to expand...

What you will tell to income tax department about this money?
They can even charge you penalty along with regular tax
 
SRIRAM

SRIRAM

EntMnt Riser
Finest Member
Music Fan said:
What you will tell to income tax department about this money?
They can even charge you penalty along with regular tax
Click to expand...
For what reason bro I no need pay anything just only 2 hours of my time will be taken from the dept, I have a saving of my income bro last five years I have closed the returns every year 22 lakhs transitions return has been filed and paid the tax properly I have deposited and cash balance and bank balance 22*3.5 Years=77 lakhs ITR has been done paid the tax accounts I need to show them which was already enclosed in tax dept so noting need to pay don worry ones I closed with this details I will make a soft copy in Entertainment Forum.

SR Accountant Bro
 
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