Income tax

Dear Shiva,

Please note that everything has now become online.  the I-T dept has all the data related to all the incomes of all the assesses.  So even if you do not pay your tax now though it is requried to be paid, the dept may one day take up your case for scrutiny & in that you will ahve to pay tax alongwith penalty.

Also Banks, buidlers & other related people have to supply the Annual Information Return to the Department for the transactions that have exceeded the prescribed limit to the I-T dept.  They supply the PAN to the dept.  On the basis of PAn supplied the dept takes up teh case for scrutiny & will assesse the income of the assessees.

So pay your tax in time to avoid any future hassles.

If the transactions are done through bank, then the IT Department can easily come to know about it and can send a notice to the Assessee u/s 142(1) for filiing the Income Tax Return.

Regards,

Devendra Kulkarni

I had similar problems while submitting my tax returns this year. I did some online research and found this read on: https://smallbusinessindia.intuit.in/money-finance/budget-2012-highlights-tax-proposals/. I am sure it will solve al your queries. Thanks!!