Actually I am a Student now, so get Money for my fees and study expenses by my parents transferred to my BANK Account .
Now I ASSUME Few Months Down the Line I take admission in MBA and My total expenditure including fees and living expenses come to RS 20 lakhs (Plzzz read it as an EXAMPLE). And In between this years I earn 3-4 Laksh via Stock Market.
Now my point is suppose during my placements I got good Package . Here my SALARY will be TDS right??
So during this period will my company know or will it tell me to furnish my Tax Returns. (I can Tel them I am A Fresher )
Further Will I have to show income rather than my SALARY as my Income.
My INTENTION is to HIDE my Stock Market Earnings . Secondly what the IT deptt will do if they come to know that I paid my College Fees from my Parents Money …..Will they TAX me too.
PLZZZ Note :: In my REAL LIFE I havent earned a single penny from Stock Market My Portfolio of More Than RS35,000 is reduced to Rs13,000 in past 3 YEARS.
Thirdly Until And unless I do any illegal activity or wrong things I won\\’t come under Income TAX Scanner. Am I right???
Fourthly Do the IT Department keep an EYE on everyones Bank Account INCLUDING MINE & YOURS.