i have one doubt in income tax?
suppose my income is 300000,so i have to pay income tax.but i did not pay tax.Then how income tax people know i have to pay tax?
plz reply
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 28 March 2012
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.
Devendra
(Chartered Accountant)
(4775 Points)
Replied 28 March 2012
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
Vinod Ram
(C A)
(165 Points)
Replied 16 April 2012
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!!
CAclubindia
