Saving a/c interest not shown in it return

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)
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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.