Penalty on concealed income

Karan Gaur (Querist) 16 May 2015 This query is : Resolved
Greetings of the day to all experts!!!

A bank employee declared all incomes including sale and purchase details of a plot. But bank deducted tax only on salary amount and did not consider the short term capital gain on sale of the plot.

Fact came to the notice of the department can penalty be imposed on the EMPLOYEE for not paying tax on short term capital gain.

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Guest (Expert) 16 May 2015
How you are concerned with the bank employee's case?

Anirudh (Expert) 16 May 2015
Did you calculate the Short Term Capital Gains tax to the Paying officer to deduct the Tax?

In which month you indicated the Short term capital gain to your Paying officer?

When did you come to know that your officer has not deducted the Short Term Capital Gains tax from your salary?

Rajendra K Goyal (Expert) 17 May 2015
If your employer has not deducted the tax on your capital gains, you should have deposited the same. However, facts not in details, consult local lawyer in taxation.

T. Kalaiselvan, Advocate (Expert) 18 May 2015
The employer need not deduct the tax without having concrete information about the tax to be deducted, you may consult a local auditor and take his advise on such issues.

Karan Gaur (Querist) 21 May 2015
Thanks to all except Mr. Dhingra...

Karan Gaur (Querist) 21 May 2015
@# %$ &* $%^^ @@##$ ##$% *&&( )**&^ $$%^ ##% @##$$ %^^%

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