Tax implication

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Haresh Kumar (Querist)
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18 February 2012 please explain me

i have offer the income and paid tax on that income on normal rates, but i have no any explanation about that income.

please tell me tax implicaion of this case...

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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19 February 2012 If you have no explanation about income, but you have shown income voluntarily.
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The department may ask for explaining the source of income as well as to substantiate the quantum of income as shown by you. You may have to submit valid explanation and reasons so as to justify -what you have shown is correct. Further - Why it can't be more ??? .
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It is better to prepare suitable explanations and keep ready in case such a need arises.
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