santha 13 June 2016

Amnesty

sir,

by settlement of ancesters property I had received some amount which ihad put it in cap gains(the period got over to buy a property in that gain)so iam ready to pay 20% tax.that is okas on now.

my another problem is I got some meagre amount as un acconted money which i did not inform and spent it fully. now you advice me to go in for amnesty and disclose it (that means 45% tax) or else am I eligible to disclose it to the in come tax department and pay 20%tax since the amount is included as capital gain only( but unaccouted one)settlement was happened 2 years ago let me know whether I CAN PAY 20%TAX FOR THAT SUM AND IS THERE ANY PENALTY ALSO TO BE PAID ?HOW MUCH IT WILL COME APPROXIMATELY? IS IT LESS THAN PAYING BY AMNESTYplease adv the better one for me

thanks

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3 Replies

santha 13 June 2016

Try to add value to the discussion, with your each post.

balas (Chartered) 17 June 2016

Hi,

If you wish to discuss on the subject, you can call me for a confidential discussion.

Balaji Srini, FCA., LL.B.

94498-27834

Ms.Usha Kapoor (CEO) 23 August 2016

dEAR cLIENT,

yOUR CASE IS COVERED BY 271(1)(c) OF IT Act 19611BY VIRTUE OF WHICH YOU'D HAVE TO PAY PENALTY OF 100% TAx which you sought to no t to discloof the tax you wanted to evade opr sought to evade.se. trthis penalty is in addition to tax ansd interstt . Pwenalty mY RANGE FROM 100% TO 300%.

The minimum amount of penalty is 100% of the tax so

ught to be evaded and maximum

amount shall not exceed 300% of the amount of tax s

ought to be evaded. sdeclare thjis income at least now in your tax eurn.