What are the penalties IT department will levy if income was more than 8 lakhs and no ITR was filed in that financial year and TDS deducted was far less than the total tax that the individual will pay? So the individual paid tax far less than the tax the individual should pay to IT department in that financial year?
How much fine does the individual needs to pay is the individual wants to pay the IT department the remaining tax and file the ITR voluntarily?
Does it mean that 50 % tax amount + tax amount + Rs. 10000 needs to be paid to the IT department if its is not under reported?
What do you mean by prosecution when you stated ----Huge penalty from 100% to 200 % plus tax plus interest plus prosecution. What does this prosecution means here? Does it mean a police complaint or a court complaint? Does it mean IT Department wil mark you as a criminal offender and that will bring difficulties in getting an employment in an company?
Thanks,
CAclubindia
