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Agriculture income
What are the consequences if someone(salaried person income above 5 lakhs) does not show his agriculture income?
Replies (4)
Your payable tax amount changes when you add agriculture for rest of the income even when agriculture income itself is not taxed. In case audited you might have to pay shortfall plus interest plus penalty.
how much is the interest and penalty?
You can find out the exact amount by downloading and filling details for relevant year ITR. Otherwise you might have to pay multiple interest under 234C, 234B, 234A, which in effect can be 1% to 2% per month depending upon which assessment year are we talking about.
You can find out the exact amount by downloading and filling details for relevant year ITR. Otherwise you might have to pay multiple interest under 234C, 234B, 234A, which in effect can be 1% to 2% per month depending upon which assessment year are we talking about.
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