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Income tax on property dealers
Hi,
How to file ITR on person who engaged sales/purchase of property and getting lot of money in cash in f.y.2016-17.
My client recieved money Rs.60 lakh related last years and he filled previous retruns but not shown these income in pervious returns. pls suggest me what is the proper way get this money in account or need to pay tax with penalty,
Thanks
Replies (1)
if you voluntarily disclose the undisclosed amount, the rate of tax will be 77.5% of undisclosed income and if the AO finds during scrutiny then rate of tax will be 82.25%
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