Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Guidance.

Save Share

Join Us Follow Us Add as Source

This query is : Open

Report Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

02 June 2013 Above 5 lac income, tax rate is 20 %, but generally what happens if a person having income more than 5 lac, he has a bank F.D. on which the bank deducts tax at a rate of 10 % and generally it is not shown in the income tax return by any person, so it is also one type of fraud, so what should be done about this.

CA PARTH SHAH

CA PARTH SHAH (Expert)

10 June 2013 It is clearly a case of income concealment and tax evasion. It is advisable to disclose such income in the income tax return as TDS is already deducted. So department have information of that income. In case if such case is selected under scrutiny assessment it will lead to penalty under income escapement u/s 271(1)(c) of the Income Tax Act.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now