If the transactions in account no 5 has tax element department can proceed with reopening of assessment u/s 147
Bank accounts
This is a very simple question . My main question is that if a person has five bank accounts and if he only pays the annual income tax of four account and in the fifth account he transact a lot of money . What will happen to him . I prior notice would come for the mistake he has done sometime else would be done.
Asked 9 years ago in Income Tax
We had invested in share market with a small amount of money around 35000 but due to continues loss we invested more and more by which it led us to 2 - 3 Lakh rs but again we had a loss and now we have our portfolio of 15000 rs . We have occured a great loss. If now we think to invest around 40 - 50 thousand then what tax problems we will have to suffer ? Would there be any problem in investing again in share market ?
Asked 9 years ago
We had invested in share market with a small amount of money around 35000 but due to continues loss we invested more and more by which it led us to 2 - 3 Lakh rs but again we had a loss and now we have our portfolio of 15000 rs . We have occured a great loss. If now we think to invest around 40 - 50 thousand then what tax problems we will have to suffer ? Would there be any problem in investing again in share market ?
Asked 9 years ago
There is no problem in investing in share market provided you can explain the source of investment to Income Tax
Department or else entire investment will be treated as income and taxed in the year of Investment.
I think the question was asked 5 days ago and if it is already clarified. But i post my views if it is helpful.
1. Recently the Income Tax department is tracking all the Bank accounts and link the same with the PAN and income of the individual or otherwise. So if the transaction is more in the fifth account you need to declare the same. Notice as per our view will come.
See for the second question we need to have your income details stating you have enough income or loan amount from which you are investing in Share Market.
Investment in share market is not a problem and since it is speculative in nature profit or loss is not guaranteed. There will not be any problem in again investing in share market. Till the time you can show your source there will not be any problem from Income Tax Department
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