Hi... can any body help me out on this :
Is income from other sources chargeable to tax @ 30% for other assesses also apart from companies as per the union budget ????
6 Replies
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 20 April 2012
The rumours are not wrong.
The Income for which no explained source of income can be shown will attract 30% tax.
Rahul Bafna
(Accountant)
(48 Points)
Replied 21 April 2012
I want a bit more clarification i.e. will the disclosure be required while filing of returns or on scrutinity, because its the general tendency of many marwari to show other income to increase their capital.
Is this policy required to be adopted while preparing their files??
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 21 April 2012
Income has to be correctly reported by all -including any Marwari.
.
In case you declare more income without any supporting evidence, then you may not be in a position to challenge the ITO when he estimates the income at even higher level than reported and make it subject of 30% rate.
.
Unexplained Income & Investments at scrutiny level will attract max. tax rate.
.
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