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Undisclosed income

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 June 2016 Income tax department has come out with scheme to disclose income which he has not shown in previous years.If some body bought a house /plot paying cash in year 2008.He has to take price of 2016 for paying the tax.If the person is a Govt employee What are the risk if one goes for it.Thanks
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Amol S Joglekar

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Amol S Joglekar (Expert)
05 June 2016 The value is to be taken as on 01/04/2016.
The risk of disclosing is much much LOWER than risk of non disclosing.
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