Escape of income and self declaration
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 April 2015
RESPECTED EXPERTS,
IT WILL GRATEFUL IF YOU COULD GIVE ME REPLY :-
MY CLIENT IS A COMMISSION AGENT AND HIS INCOME IS BROKERAGE AND COMMISSION, IN THIS BUSINESS HE HAD EARNED ABOUT 1.5 CR. AND ENTIRE AMOUNT HAS BEEN DEPOSITED AS FIXED DEPOSIT IN FIVE BANKS IN THE NAME OF HIS MOTHER, AS WELL AS HE HAS NOT FILED ANY INCOME TAX RETURN TILL DATE. BUT WHEN HE COME TO KNOW THE CONSEQUENCE OF HIS UNDISCLOSED INCOME, HE WANTS TO FILE HIS INCOME TAX RETURN AND WANTS TO PAY ENTIRE TAX WHAT EVER WILL DETERMINED BY SELF ASSESSMENT.
MY QUERY IS HOW TO DISCLOSE ALL INCOME AND FIXED DEPOSIT IN ONE YEAR FINANCIAL YEAR i.e. A.Y. 2015-2016, AS THE AMOUNT EARNED WERE FROM LAST 8 YEARS.
IS THEIR ANY PROBLEM TO DISCLOSE THE INCOME, PLEASE GIVE ME REPLY SO THAT HE COULD PAY THE TAX AND GET RID OF INCOME TAX COMPLICATIONS.
THANK YOU.
REGARDS.
IT WILL GRATEFUL IF YOU COULD GIVE ME REPLY :-
MY CLIENT IS A COMMISSION AGENT AND HIS INCOME IS BROKERAGE AND COMMISSION, IN THIS BUSINESS HE HAD EARNED ABOUT 1.5 CR. AND ENTIRE AMOUNT HAS BEEN DEPOSITED AS FIXED DEPOSIT IN FIVE BANKS IN THE NAME OF HIS MOTHER, AS WELL AS HE HAS NOT FILED ANY INCOME TAX RETURN TILL DATE. BUT WHEN HE COME TO KNOW THE CONSEQUENCE OF HIS UNDISCLOSED INCOME, HE WANTS TO FILE HIS INCOME TAX RETURN AND WANTS TO PAY ENTIRE TAX WHAT EVER WILL DETERMINED BY SELF ASSESSMENT.
MY QUERY IS HOW TO DISCLOSE ALL INCOME AND FIXED DEPOSIT IN ONE YEAR FINANCIAL YEAR i.e. A.Y. 2015-2016, AS THE AMOUNT EARNED WERE FROM LAST 8 YEARS.
IS THEIR ANY PROBLEM TO DISCLOSE THE INCOME, PLEASE GIVE ME REPLY SO THAT HE COULD PAY THE TAX AND GET RID OF INCOME TAX COMPLICATIONS.
THANK YOU.
REGARDS.
02 April 2015
Hi,
You may disclose the income in the last two AY. For the previous you may have to wait for the notice from the IT Department.
You may disclose the income in the last two AY. For the previous you may have to wait for the notice from the IT Department.
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2015
RESPECTED MOHIT SIR, IF THE PERSON WILLINGLY DISCLOSE HIS INCOME AND PAY THE TAX BY SELF ASSESSMENT IN TWO A.Y. i.e. A.Y. 2014-2015 & 2015-2016, IS THEIR ANY PROBLEM IF HE DECLARED HIS INCOME AND PAY TAX ACCORDINGLY,WILL INCOME TAX DEPARTMENT CALL HIM FOR ASSESSMENT U/S 147. OR NOT.
03 April 2015
Yes. There is an income escaped by assessee, the department will call for the information
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