How to disclose concealed income of past years

Tax queries 145 views 2 replies

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)

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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