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Non disclosure of income when total income is below 250000

Tax queries 272 views 3 replies

Hello Experts,

I want to ask following questions:

1. I Earned Rs.800 as STCG and Rs.100 as Dividend on Equity Shares and Rs.45,000 as Intrest Income; so my total income is below Rs.2,50,000/-. My Question is If i do not disclose STCG and Dividend income and file return in ITR1 will there be any issues in future like penalty, intrest etc.?

Since Total income is below Rs.2,50,000 and even if i disclose it will be in Non Taxable Limit.

i don't want to file ITR2 due to more complexity and lot of questions....

 

Please Reply ASAP

 

Thank you

Replies (3)

In such case you can declare STCG (though liable to be taxed @ 15% normally, when above basic limit); under IFOS. Though not correct practise, but easy relief from undisclosure process.

In any case no tax liability, and hence no penalty.

Thank you Sir

Most Welcome.


CCI Pro

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