29 July 2010
if while filling return one forgot to disclose Income from other sources-Bank Interest which would be amounting to Rs 200 or Rs 1500 with salary income...is there any penanly....
30 July 2010
There will not be any penalty as such. If during the course of assessment, the omission comes to the notice of the AO, he may include such amount in your total income & assess taxes accordingly and issue a demand notice for the balance tax payable which may include interest also.
30 July 2010
If you have filed regular return u/s 139(1) then you can also revised your return u/s139(5) till the end assessment year for which return was filed.
AO may initiate penal proceedings for Concealment of particulars of income or furnishing of inaccurate particulars of income Under Section 271(1)(c)]
Penalty: Minimum 100% of Tax Short Paid/Tax Evaded
30 July 2010
Practically, no AO is going to impose concealment penalty for a paltry sum of Rs. 200 or Rs. 1,500. At the most, he may reassess the tax after including income which was omitted and issue a demand notice. I have seen this happening in many real cases.
However, theoritically there are many other possibilities.
CAclubindia
