Exempt income


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Querist : Anonymous

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Querist : Anonymous (Querist)
05 August 2013 I wanted to know what are the consequences of not showing exempt income in ITR
are there any penalties??
are there any chances of scrutiny ??

05 August 2013 Yes then it amounts non disclosure of true and full disclosure.
Penalty is drafted for the same in income tax act.

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 August 2013 that means that if i have not disclosed exempt amount of rs 10000 then a penalty of rs 10000 will be levied ?

Will i be given an intimation u/s 139(9)
and will i be given a time of 15 days to disclose the same ??

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 August 2013 that means that if i have not disclosed exempt amount of rs 10000 then a penalty of rs 10000 will be levied ?

Will i be given an intimation u/s 139(9)
and will i be given a time of 15 days to disclose the same ??

05 August 2013 you can revise your return and disclose the exempted income in relevant col to avoid all troubles.

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 August 2013 that means that if i file my return without disclosing the exempt income then i will be given a notice after which within the given period i can file a revised return showing the same amount of exempt income
by this will i be free from any penalties ??


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