Had never paid income tax earlier. Want to pay it now.

Hello.My question is i have never paid tax though my tds has been deducted for last year but i failed to file the return.My average salary is Rs50000/month. Recently i have bought a car for which my parents gave me cheque of 3 lacs each that is 6 lacs. I want to know that is this 6 lac will be counted in my salary or will it be a gift money with no tax both for me and my parents.And if i file last years and this years return is there any penalty with it. Also i have deposited 3 lac cash after 8th nov.
Asked 5 days ago in Income Tax from Delhi, Delhi
Hi,
whatever money you have received from your parents is  accounted as gift received from blood relations and it is tax free, you can show this amount under exempt income whiling filing returned.

as far as question of penalty concerned while filing last year IT return, it depends if there was any taxable income on which no tax had been paid. if you had paid all the tax and no tax was due, and you just havent filed the return,
then there will be no penalty.

as you haven,t filed any returns and you have deposited Rs 3 Lakhs in your bank account. you May received notice from IT department to disclose the source of income of Rs 3 Lakhs.
you may refer this link regarding penalty and filing of IT return.

http://taxguru.in/income-tax/converting-black-money-white-declaration-scheme-proposed.html.

you can file return for FY2015-16 upto 31st march 2017., it is better then never
Vishakha Agarwal
CA, Bangalore
210 Answers
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Hii

1. You can file Your ITR of Financial year 2014-15 & 2015-16 means Year Ended on 31st March 2015 & 2016.
2. In itr club your all incomes I.e. Salary+ intt. + Dividends if any etc
3. Gift from relatives are not taxable in your hand as well as in parents hand 
4 you must have valid source of cash which you deposited in your account, if any notice you receive from department then you have to define your source 
Lalit Bansal
CA, New Delhi
72 Answers
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Sir,

This 6 Lacs will be treated as gift only but you need to show the same as exempt income in your current itr and it will not attract any tax liability

You can file last year returns i.e. for F.Y. 15 - 16 without any penalty.

If you have shown sufficient withdrawal from you r account at periodical interval than no issue on deposit of Rs. 3 Lacs cash
Vishrut Rajesh Shah
CA, Ahmedabad
229 Answers
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Dear Sir,

You can pay ITR for last two years (i.e. FY 2014-15 and FY 2015-16). I strongly recommend you to file your ITR regularly as it helps in many ways to authenticate your income (eg for taking loan, for visa application etc.).

Cheques taken from your parents will be considered as gift and neither you nor your parents have to pay tax on it. But your parents may need to show source of income.

We can help you in filing your past year return. Please feel free to reach out to us at caabhishekdugar@gmail.com.

Please feel free to call/revert in case of any doubts

Thanks and Regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
761 Answers
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Dear Sir,

As your salary was more than Rs.2.5 Lakh you were required to file the Income tax return u/s139(1) of income tax act, but you didn't filed the ITR so A.O may impose a penalty u/s 271F for an amount equal to Rs.5000 for non-filing of return before due date.

The amount you have received from your parents is not taxable on your parent's hand if they have filed the Income tax return and they can justify the source but there is  no question of tax in your hand for that amount because the amount was received from relative.

For the amount of Rs.3 Lakh you have deposited in bank accounts will not be taxable if you can justify the source of such deposits to A.O.

Thanks 
Shiv Kumar Agarwal
CA, Delhi
195 Answers
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1.it will be counted as gift .
2. You can file tax returns voluntarily for 2 years i.e. FY 2014-15, 2015-16
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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Hello SIr,

You can very file IT Returns for the FY 2014-15 & 2015-16.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
719 Answers
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