shiva (shankar.ican@gmail.com) (355 Points)
10 December 2012
raunak
(CA)
(369 Points)
Replied 10 December 2012
You will file return in some A.Y.....and IT department take up 1% of the cases randomly and scrutinise....and if u r in that 1% ..they will definitely get to know about ur no payment of taxes....coz whatever u transact requires ur PAN no...once they find out..u will be in trouble..u will have to pay penalty interest etc....which will be much more than the current tax amount....and ethically too u shud pay taxes...so dnt take risk..plan ur tax..dont evade it!
Pooja
(Final CA)
(502 Points)
Replied 12 December 2012
Originally posted by : raunak | ||
You will file return in some A.Y.....and IT department take up 1% of the cases randomly and scrutinise....and if u r in that 1% ..they will definitely get to know about ur no payment of taxes....coz whatever u transact requires ur PAN no...once they find out..u will be in trouble..u will have to pay penalty interest etc....which will be much more than the current tax amount....and ethically too u shud pay taxes...so dnt take risk..plan ur tax..dont evade it! |
Agreed, you will need to file Income tax returns or you may end up being charged with heavy penalty for tax evasion.
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 22 December 2012
Originally posted by : raunak | ||
You will file return in some A.Y.....and IT department take up 1% of the cases randomly and scrutinise....and if u r in that 1% ..they will definitely get to know about ur no payment of taxes....coz whatever u transact requires ur PAN no...once they find out..u will be in trouble..u will have to pay penalty interest etc....which will be much more than the current tax amount....and ethically too u shud pay taxes...so dnt take risk..plan ur tax..dont evade it! |
Agreed & probability of your PAN no reported by yr tenant is also higher since now its mandatory to mention PAN of land lord if rent paid pa. is Rs. 1.8- lacs or more for salaried employees while claiming HRA