Hi if a petty shop person has income more than 5,00,000 he has to file returns but he is not aware of it and he dosent file what happens if he dosent file in that scenerio.His he liable to pay penalty? or is there any other solution and how does income tax office comes to about his income more than 5,00,000
(Student CA Final )
Replied 24 March 2020
By TDS deducted from his PAN or Some times may be by Search and seizures case and if found guilty ..penalty be 100 to 300% .. or May be through bank transaction with enough cash deposit in his account..
There are many such cases when ITO came to know either you are guilty or not