Two form 16

Hello Guys,

I know i am doing wrong thing but still want to take your opinion on consequences, i had worked with Company A with xxxxx income and resigned joined company B for YYYYY income, because of this now my aggregate income tax that i need to Payback is Rs 62K with Interest (around 3K) which i need to pay by this month end, the advisor who prepared this told me i can only file return for company B only and thus reducing Tax liability

Can tax experts help me whether is a good Idea? And what will be the consequences

Thank you

Raghu

 

Replies (1)

In short, your advisor is asking you to reduce tax liability by concealment of income. Be ready for paying interest and penalty upto 300% of tax if notice is served. Also if you need to take a loan in the future, this would reduce the amount that you would be able to avail.

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