Income Tax not paid on Rent received in previous years

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  1. mohd saber

    mohd saber New Member

    Hi,
    My wife has a house from which she used to get rent from past few years. we have not deposited the amount in any bank. As we were planning to start a business we came to know that we need to have it accounted and pay the tax for the amount we have. so can you please let me know how to file income tax for the previous years and how to work with it to get tax exempted.

    Regards,
    Saber
     
  2. Aditi Gulati

    Aditi Gulati Active Member

    You shall compute the income of your previous years as per the income tax slab rates and deposit tax on the same.

    An interest of 1% per month would be required to be paid for late deposit of income tax

    You would also be required to file a belated income tax return. Refer: http://www.charteredclub.com/belated-income-tax-return-due-date/
     
  3. mohd saber

    mohd saber New Member

    Thanks a lot for your valuable time.
    Can you please let me know if it is compulsory to save the money in bank or can be kept cash at home.
     
  4. Aditi Gulati

    Aditi Gulati Active Member

    The money can be kept in either bank or cash at home.

    However, the same should be disclosed in the income tax return.
     
    mohd saber likes this.
  5. mohd saber

    mohd saber New Member

    Thanks a lot for your valuable time Aditi. thanks once again. you helped me a lot. thanks to forum as well.
     
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