Menu
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.
Recent Topic
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
- Reporting STCG on non equity oriented MF
- Section 54F exemption for buying a plot
Related Topics
CAclubindia
