As per Wealth Tax act Sec. 2 (ea) (6) , In the case of Individual or HUF holding cash in hand in excess of Rs. 50000 on the last moment of valuation date is treated as assets and chargeable to Wealth tax .. My question is that if a person holds near about 2.5 lacs money in cash and for the purpose of tax evasion shows that amount as Loan & Advances for whatever purpose in his Balance Sheet ... Then what is the remedy or solution for this case ..
1 Replies
Balaji R K
(Salaried)
(158 Points)
Replied 16 July 2009
Hi Neelam,
No remedy in this case. As per the law any person is trying to evade the tax is punishable under the relevant act and it wil be treated as offence.
You can question the assessee with regard to source of funds. If the person refuse to answer or giving false information. As a true citizen we can give information to Income tax department for further action against the person.
regards
balaji
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