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
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How to disclose concealed income of past years
Replies (2)
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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