It raid tax and panelties on undeclared income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2016 Dear Experts
Income tax deptt. Has raided and found undeclared income of 67 Lakh,
Pls tell me how much tax & penalty may be levied by Income tax on this undeclared income of 67 Lakh,

Regds
Krishan kant

ABHIMANYU JHAMBA

ABHIMANYU JHAMBA (Expert)
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19 November 2016 Require more clarifications.

Abhimanyu Jhamba
9218999999

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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04 November 2021 Where the income determined includes undisclosed income, a penalty @10% is payable. However, no such penalty will be leviable, if such income was included in the return and tax was paid before the end of the relevant previous year.
Where Search has been initiated on/ after 1/7/2012 but before 15/12/2016,
If undisclosed income is admitted during the course of search and assessee pays tax and interest and files return, a penalty @ 10% of such undisclosed income is payable.
If undisclosed income is not admitted but the same is furnished in the return filed after such search, 20% of such undisclosed income is payable.
In all other cases, penalty is leviable @ 60%
Where Search has been initiated on/ after 15/12/2016,
If undisclosed income is admitted during the course of Search and assessee pays tax and interest and files return, a penalty @ 30% of such undisclosed income is payable.
In all other cases, penalty is leviable @ 60%

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