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Scrutiny for fy 2011-12
the bank transaction was 1 crore rs...i have no proof for this transaction..how much tax penalty and intrest will have to pay...now ITO send me notice for this
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Tax rate of 60% will be further increased by 25% surcharge, 6% penalty, i.e., the final tax rate comes out to be 83.25% (including cess). Provided that such 6% penalty shall not be levied when the income under Section 68, 69, etc., has been included in return of income and tax has been paid on or before the end of relevant previous year.
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