Matter of pequsite (Income Tax)

This query is : Resolved

RAJIV

( Author )
13 June 2012

good morning sir,
in our co, we provided van facility to our GM.than i want to ask how i will calculation of it

Siddhartha Bhardwaj

( Expert )
14 June 2012

Valuation of perquisite in respect of motor car provided to employee:

1. If the cubic capacity of engine does not exceed 1.6 ltr - Rs. 1,800 per month

2. If cubic capacity of engine exceeds 1.6 ltr - Rs. 2,400 per month

RAJIV

( Author )
14 June 2012

thank you and sir new section 271aab.if we hide any income from income tax dept. than if A.O will check than any disclosed income found by A.Officer.than we will paid panelty u\s 271aab. sir why this section introduced

Siddhartha Bhardwaj

( Expert )
14 June 2012

271AAB delas with penalty in case of search.

Earlier, Section 271AAA dealt with penalty in case of searc and provided for penalty @ 10% if the assessee admitted the undisclosed income.

Now Section 271AAB has been introduced which will be applicable in case of search conducted after 1 July, 2012.

It has a wider scope than Section 271AAA.

RAJIV

( Author )
14 June 2012

supoose if we hide income from income tax dept. 10000 than we will paid panelty @ 10%

Siddhartha Bhardwaj

( Expert )
14 June 2012

Is the income found by the department during assessment or search?

Section 271AAB is applicable only in case of SEARCH.

In case of other findings, Section 271(1)(c) is applicable.

RAJIV

( Author )
14 June 2012

SECTION 271(1)(C) HOW MUCH PENALTY I WILL PAID

Siddhartha Bhardwaj

( Expert )
14 June 2012

100 to 300% of TAX sought to be evaded.

RAJIV

( Author )
14 June 2012

THANKS SIR VERY MUCH

Siddhartha Bhardwaj

( Expert )
14 June 2012

You are welcome.