Income From Other Sources
as per new notification from income tax department if any unexplained income is shown from A.Y. 2013-14 by the assessee in his IT return and, if the same is not proved by the assessee the same will be charged at flat rate of 30% as unexplained income.
please avoide declaring fake income under the head other sourcess like, Interest & other receipts, cooking charges, unexplained tution income, other receipts, income from mehndi etc.
Taxman is smarter than CA's. A right law at the right time. People made use of the shortcoming of Income Tax Act. But this notification is warning to all tax payers regarding spliting the income between spouses.
People used to devide the income between spouses to lower the tax burdon and this notification will help in manipulation of tax.
People used to devide the income between spouses to lower the tax burdon and this notification will help in *avoiding the manipulation of tax.