What will happen if IT department find the an individual has not paid an amount of tax after the individual has submitted the IT reurn? Is it that the individual will be fined by IT department? Is that the individual will have to pay interest? What will be the effect of such case on that individual by the IT department?
If caught by the Income tax department the following can happen based on the amount of evasion.
a) Tax will be collected with interest
b) Penalty will be levied
c) Imprisonment.
a) will definitely happen
b) most likely to happen
c) depends upon case to case
(a) How much interest will they impose?
(b) How much penalty do they levy?
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