How to disclose concealed income of past years

Hi,

How one can disclose the concealed income of past years so that he get the minimum penalty?

Also how much penalty is applicable in this case?

Thanks

Replies (2)
Quick Summary
This discussion addresses how individuals can disclose concealed income from past years to minimise penalties. It explains that if income, such as undeclared spousal interest income, is voluntarily disclosed before any official notice, the tax liability is typically 77.5% of the concealed amount. Crucially, offering this income voluntarily means no additional penalty is usually imposed.

Before any kind of notice. After realizing the mistake. I  am asking this in context when someone has not clubbed interest income of spouse since last 3-4 years.

Under the head income from other sources, under the section 68. your tax liability would be 77.5% of the concealed income. since the income is offered voluntarily, there's no penalty.

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