Non Disclosure of Income.

[Guest]

Dear Sir.

What happens if I didn't disclose income while filling income tax return then later on I disclose the same but still is not taxable.

[DR.MARIAPPAN GOVINDARAJAN]

You can do it because no tax liability has been arisen. If tax liability has been arrived you have to pay the tax along with interest.

[Ganeshan Kalyani]

If the mistake is genuine then not an issue but otherway it hampers creditability and induce suspects.

[DR.MARIAPPAN GOVINDARAJAN]

The views of Shri Ghanesan is correct.

[Ganeshan Kalyani]

Thanks Mariappan sir for validating my views.

AI Summary

Non-disclosure of income: voluntary disclosure acceptable if no tax liability, otherwise tax plus interest required. Where no tax liability arises from previously nondisclosed income, subsequent voluntary disclosure is acceptable; if tax liability has arisen, the taxpayer must pay the tax along with interest. A genuine mistake is treated less adversely, but unexplained late disclosure harms taxpayer credibility and may invite scrutiny.