Income tax on black money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2012
If someone has income from business exceeding maximum amount chargeable to tax from last 25 years But still not filing income tax return...then can income tax department go beyond 6 years limit (u/s 148) to tax this income in scrutiny ?
CA PARAS BAFNA
(Expert)
09 July 2012
The Income Tax Department will not be requiring to go beyond Six Years. The IT Officers are so smart that, they can convert
the life time earning into tax, by utilising the "Six Year" period.
.
In case the assessee, starts to file his IT returns from now onward, he may save himself from the problem for rest of the life.
.
the life time earning into tax, by utilising the "Six Year" period.
.
In case the assessee, starts to file his IT returns from now onward, he may save himself from the problem for rest of the life.
.
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