Tax issue

You will file return in some A.Y.....and IT department take up 1% of the cases randomly and scrutinise....and if u r in that 1% ..they will definitely get to know about ur no payment of taxes....coz whatever u transact requires ur PAN no...once they find out..u will be in trouble..u will have to pay penalty interest etc....which will be much more than the current tax amount....and ethically too u shud pay taxes...so dnt take risk..plan ur tax..dont evade it!

Originally posted by : raunak
	You will file return in some A.Y.....and IT department take up 1% of the cases randomly and scrutinise....and if u r in that 1% ..they will definitely get to know about ur no payment of taxes....coz whatever u transact requires ur PAN no...once they find out..u will be in trouble..u will have to pay penalty interest etc....which will be much more than the current tax amount....and ethically too u shud pay taxes...so dnt take risk..plan ur tax..dont evade it!

Agreed, you will need to file Income tax returns or you may end up being charged with heavy penalty for tax evasion.
 

Originally posted by : raunak
	You will file return in some A.Y.....and IT department take up 1% of the cases randomly and scrutinise....and if u r in that 1% ..they will definitely get to know about ur no payment of taxes....coz whatever u transact requires ur PAN no...once they find out..u will be in trouble..u will have to pay penalty interest etc....which will be much more than the current tax amount....and ethically too u shud pay taxes...so dnt take risk..plan ur tax..dont evade it!

Agreed & probability of your PAN no reported by yr tenant is also higher since now its mandatory to mention PAN of land lord if rent paid pa. is Rs. 1.8- lacs or more for salaried employees while claiming HRA