Saving a/c interest not shown in it return

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 Dear sir,
In ITR-1 (AY-2011-12) of a salaried employee having Salaried Income more then 10 Lacs & in a tax bracket of 30% one SB a/c interest is shown & 2 other SB a/c interest is not shown. The other 2 a/c don't have any wrong or suspicious transactions.
The above case is selected for automatic computer selected scrutiny and now assessee is showing the bank a/c to A.O. & interest is around Rs. 5000 only.

My Question is :- What are the minimum & maximum Tax, Interest & penalty etc. will be levied by A.O. & any other action which may be taken by the A.O.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

08 August 2013 Looking to the salary of the assessee nothing serious is likely to happen. The interest not shown may convert into payment of Tax+Int+ Penalty.

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 plz give more replies

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 Sir, On Saving A/c Interest of Rs. 5,000 how much will be maximum amount payable as Tax+Int+Penalty.

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 any prosecution proceedings ??

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 Sir, On Saving A/c Interest of Rs. 5,000 how much will be maximum amount payable as Tax+Int+Penalty in monetary amount.