Wealth tax

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gauri patil (Querist)
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28 February 2012 1)if my client has an unproductive property i.e specified asset on his name which he did not disclose it to us then how can we charge the wealth tax.?

2)if i am d CA in the above case then what is my liability in dis case?

3)what is the penalty of the client in the above case for hiding his property.?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 February 2012 1) If client doesn't disclose, how can the professional know the tax liabiliyt.
2) No liability.
3) Concealment of wealtn which attracts tax, interest ,penalty and prosecution.

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gauri patil

gauri patil (Querist)
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29 February 2012 1)WHAT IS THE EXACT PENALTY IN DIS CASE FOR THE CLIENT?

2) DOES GOVT LOOSE LOT OF REVENUE ON THE PART OF TAX EVASION MEASURES ADOPTED BY THE CLIENT?

3) WHAT IS THE DUE DATE FOR FILLING OF RETURN IN WEALTH TAX?

gauri patil

gauri patil (Querist)
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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 March 2012 i) Penalty is 100 to 500% of the wealth tax sought to be evaded ( ie., the difference between the wealth tax on the net wealth assessed and the wealth tax on such assessed net wealth as reduced by the amount of concealed wealth).
ii) Left open being comments reserved.
iii) Due date is as follows:-
a) where the assessee is a company or a person ,other than a company, whose a/cs are audited under the Income tax Act or any other law or a working partner of a firm whose a/cs are audited under Income tax Act or any other law --- By 30 the September.
b) in the case of any other assessee other than (a) above --- By 31st July.

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