23 December 2014
Mr X salary employee has filled his return with income by more than 1000/- as compare to salary ceritificate given by employee. What will happen in this case?
23 December 2014
if employee alreday recieved the refund then no problem. if it was not recieved then they could have imposed penalty u/s 271(1)c for providing false info
23 December 2014
In your case, you have offered MORE income to REVENUE, by 1000. Right? Then what is the problem? FALSE information is VERY much blown up word for an amount of 1000/-
24 December 2014
It seems that there is some misunderstanding, the query is related to assessee, either deliberately or accidentally, declare income of Rs. X which exceeds by Rs. 1000/- form his salary certificate or TDS certificate (form 16)
The important thing which is required to be noted that EXCESS declaration NOT SHORT, therefore assessee chosen to pay Excess Tax liability as he/she legally bound to pay.
Therefore, NO QUESTION CAN BE RAISED ABOUT PENALTY UNDER SECTION 271(1)(C).
IF SOMEONE CHOSEN TO PAY EXCESS TAX TO GOVERNMENT HE/SHE CAN DO SO, THERE WOULD BE NO OBJECTIONS FROM REVENUE DEPARTMENT.
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