Is it compulsory to disclose source of income
This query is : Resolved
28 September 2013
if an assessee wants to pay tax on an income of which source he can't disclose....... and to proove year of earning he shows bank statement of previous year in which above income was deposited by anonymous or say i earn this income outside india. ...... whether department can bother assessee by penalty or will normally charge tax.....?
29 September 2013
It is not compulsory. You will be taxed under section 68.
You can be levied with penalty under 272A(1)for failure to disclose truth. Penalty Rs 10000.
Whether penality under 271(1)(c) can be levied or not shall depend on whether any tax is being evaded or not. Since your client wishes to pay tax, he may escape 271(1)(c).
You can be levied with penalty under 272A(1)for failure to disclose truth. Penalty Rs 10000.
Whether penality under 271(1)(c) can be levied or not shall depend on whether any tax is being evaded or not. Since your client wishes to pay tax, he may escape 271(1)(c).
07 October 2013
If you have already shown the credited amount in the bank then you have to pay the regular tax and this income shall not be assessed u/s 68 as you have shown as income and not as cash credit
17 October 2013
Yes agreed with above expert suggestions.
17 October 2013
Vikas. Just a good read:
http://www.hindu.com/biz/2004/06/21/stories/2004062101041700.htm
http://www.hindu.com/biz/2004/06/21/stories/2004062101041700.htm
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