Non Disclosure of Income.

[Asked by 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.

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.