23 February 2010
In 2006-07, I have paid Insurance Premium in single payment Rs 250000 by unrecorded cash amount. Now i got surrender value of this policy. I want to record this amount in books. Pls tell me the Consecuences of this act.
What you are saying is this Rs.250000 is black money. This some received by you is definitely taxable and you may face trouble from income tax department
24 February 2010
Thanks for solving my problem. Pls Sir can u tell m the maximum tax + penalty chargeable in that case. what r the possibilities of that penalty
Tax will be as per normal rate of year 2006/07. Penalties depend upon tax officer. If you conceive him that it is not concealment then might be he will not levy any type of penalty.
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