Wheather whole income need to Disclosed

This query is : Resolved

Devendra Tambe (Querist)
Follow

12 July 2008 If an Individual is a Salaried Person & Receiving Prof. Fees for Part time Job. But Individual obtain PAN on Basis of Salary Income. If that individual filing his/ her IT Return by showing only Salary Income & not disclosed its Prof. Fees. Then its lead to Contravention or Not ? if Yes, then what will be its consequence ?

CA Anand Sarda

CA Anand Sarda (Expert)
Follow

13 July 2008 Since u have the PAN by showing salaried person in the application form doesnot mean that u should not disclose ur other income. U need to disclose all the income earned by u.
The Consequences are penalty for escaping income, prosecution, interest.

CA Abhishek Tyagi

CA Abhishek Tyagi (Expert)
Follow

13 July 2008 You must show all your income in ur return properly despite the fact that u have obtained ur pan on the basis of salary income only as it has nothing to do with declaration of income. The consequences are the same as mentioned by anand.

Upgrade to CAclubindia Pro. Subscribe Now!