Income tax raid

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Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2016 Dear Experts,
IT deptt. Has raid at my client's companies where the client has surrender Rs. 1.6 crore also undeclared income. Seniors are requested to guide me in this case being CA what is my liabilities toward my client weather IT deptt. May ask me about undeclared income & money. How much penalty can be lavied by IT deptt.

Thanks & Regard
Kamal Somani

Amol S Joglekar

Amol S Joglekar (Expert)

22 September 2016 you can think of opting for IDS 2016....

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2016 Sir, we have not opt IDS earlier IT raid and found cash & unceclared income while search by IT deptt. In this case can we opt IDS

Amol S Joglekar

Amol S Joglekar (Expert)

22 September 2016 why not, you can go for the same.
In fact the department must have hinted you to go for it? is it?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

22 September 2016 In case of raid they can't opt for IDS.

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2016 Amol sir,
I think Seetharaman sir correct in case of raid we can't opt IDS

Amol S Joglekar

Amol S Joglekar (Expert)

23 September 2016 There is always a difference between Law and Practice.
Law is what Mr Seetharaman has told you, which is absolutely correct

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2016 Yes, last query is during the search IT deptt. Got cash & undeclared income,
No doubt have pay tax on undeclared income along with the interest but how much maximum penalty can be lavied by IT deptt,

Amol S Joglekar

Amol S Joglekar (Expert)

23 September 2016 https://www.incometaxindia.gov.in/Tutorials/28.%20Penalties.pdf

please go through the link. It has given penalties under various situation under income tax

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