Penalty for hiding or showing incorrect income from Income Tax Department

February 3, 2009

If you are deliberately hiding your income from income tax return, you will be be punishes severely that includes cash penalty or Jail or both.

If you are getting any income through stock trading in one financial year, you are suppose to give income tax for that earning. If you are getting money from any other source other than regular, you are suppose to give income tax for it.

If you think that income tax department will not be able to find your other extra income, your thinking is wrong, using PAN CARD number they can track all money and source of income that you put in your bank .

The punishment for showing wrong income or hiding any other income will cause you to pay minimum three time of tax as penalty, some time only money penalty will not be sufficient, so they will put the defaulters in jail.

For more and official information visit here

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