Upgrad LLM

income tax

i was working as an lic agent. then i moved into a pvt job with a pulic ltd company and now going to join a  govt job. For the last two years as i was out of the city a have not received my comm. cheque from lic nor form 16. I have also not mentioned the same in my last two ITR as I had nor received payment nor I had the knowledge of the same. Now i want to formally close my agency and collect my pending commision. what can be done for declaring this income.... will any penalty be imposed upon me....


PS: I have stopped working as an agent for last three years


PS : some 3000 is the TDS i paid last to last year and 12500 of Tax for last year


no penaly is imposed on you if u voluntary disclosed ur income . also in ur case u required to file revised return
Adv P & H High Court Chandigarh

You are not liable for any penalty because it is taxable if it actually accrues. Now revised return shall be filled.




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