04 August 2011
my friend had deposited 2.15 crore in saving account for year 2008-09 and paid same amount against ware house loan repayment .loan and saving account had not disclosed in income tax return.now department call for scrutiny. please guide me how to manipulate and adjust the same situation i.e. minimize penalty and tax burden ..........also clear all legal position and out comes .
04 August 2011
Best thing is you can go for settlement commission. But the income tax payable should exceed Rs.100000. Also once an application is filed you have no option of taking back. There if they satisfy, they can waive full/partial amount of penalty.
CAclubindia
