but if that person is not showing that income right now. then what to do and in future if scrutiny arises that time he will disclose but right now he doenot want to diclose than it will be proper to pay lic premium from thst undisclosed income
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Your query is not clear to provide a proper response.
Nancy ji,
If in future scutiny arises that time the assessee will have to pay tax on undisclosed income and may face some problems that time. Ttarget='_blank' rel='nofollow' hrefore it is advisable to pay LIC from disclosed income
It is in interest of the Assessee to disclose all the Income that he has received during the year otherwise in the year of Scrutiny it will be treated as Undisclosed Income and then Interest and/or penalty will be levied on the Assessee.
| Originally posted by : Ketan Waghela | ||
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Nancy ji, If in future scutiny arises that time the assessee will have to pay tax on undisclosed income and may face some problems that time. Ttarget='_blank' rel='nofollow' hrefore it is advisable to pay LIC from disclosed income |
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