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Jyoti Narang (Kkk)     13 February 2020

Jyoti Narang
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if a person has property purchased in 11-12 and not disclosed in return for that period and got the notice for the same now. then what can be the consequences or reply to the dept for that.

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Jyoti Narang (Kkk)     13 February 2020

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It's approx 55lacs

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rama krishnan   14 February 2020

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You might have got 148 notice.. so better file your return of income and explain the sources for the purchase amount

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Jyoti Narang (Kkk)     14 February 2020

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Thn what are the consequences as return filled but sources not disclosed at that time

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rama krishnan   14 February 2020

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Then you have to pay tax on the amount for which you can't explain sources

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Jyoti Narang (Kkk)     14 February 2020

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In if the sources explained as per Bank statement then no tax on that amt and on remaining Amt at 60/ or anything else

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rama krishnan   14 February 2020

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The rate of tax will be slab rate existed for a. y. 2012-13 and not 60% or 30%

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Jyoti Narang (Kkk)     14 February 2020

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It's not a part of unexplained income so chargeable to 60 per? and any penalty or proceedings regarding unexplained income.

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rama krishnan   14 February 2020

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60% tax rate is under 115BBE and it was introduced from a. y. 2017-18. minimum penalty of 100% or maximum penalty of 300% may be levied

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Jyoti Narang (Kkk)     14 February 2020

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OK thanks so its covered under sec 147 and chargeable at the rate of that a y


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