Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 April 2013
Hi,
In last financial year I have worked for two different company, first 8 months for my old employer where their was a timely TAX was deducted as my salary package was about 4 plus lac for that particular year. And later in 4 months (DEC 2012 - MAR 2013) I had joined a new company and there was no income tax deduction done as my 4months of salary was less than 2Lakhs.
Will there be any problem if I do not disclose my income from second company as I will be able to save on income tax. other wise I have to end up in paying some taxes.
In last financial year I have worked for two different company, first 8 months for my old employer where their was a timely TAX was deducted as my salary package was about 4 plus lac for that particular year. And later in 4 months (DEC 2012 - MAR 2013) I had joined a new company and there was no income tax deduction done as my 4months of salary was less than 2Lakhs.
Will there be any problem if I do not disclose my income from second company as I will be able to save on income tax. other wise I have to end up in paying some taxes.
Pradeep Agarwal
(Expert)
28 April 2013
you should disclose your full income and pay tax thereon else you might end up by paying tax along with interest and penalty of 100% - 300% of tax amount for concealing particulars of income.
11 June 2013
You should have intimated the last employer's salary to the new employer and accordingly tax deduction should have been made. Since you have not done the requirement of law you have made a mistake and now the only option left with you is to pay the balance tax as per your return of income and clear the dues of the department. If you have not intimated any deduction to your employer you can claim in your return.
11 June 2013
You should have intimated the last employer's salary to the new employer and accordingly tax deduction should have been made. Since you have not done the requirement of law you have made a mistake and now the only option left with you is to pay the balance tax as per your return of income and clear the dues of the department. If you have not intimated any deduction to your employer you can claim in your return.
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