Tax issue

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I have one doubt.suppose my total income after all deductions is 500000(income from house property).This is my first taxable income,but i have not paid the tax.Then how the government knows ?

there are lot of people whose income is more than taxable income,but not paying tax.

Replies (3)

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!

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.
 

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


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