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What Is Form 16?

Wednesday, September 19, 2018, 4:36 PM

Form-16 is the TDS certificate that an employer issue to you when TDS is deducted by them. When an employer deducts TDS on salaries, the income tax act requires that a certificate must be issued by the employer, where the details of tax deducted and deposited is certified.
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What is Tax Evasion?

Sunday, September 9, 2018, 3:35 PM

Tax evasion refers to the illegal act of escaping taxes. Under tax evasion, people try to reduce the tax liability, either by under-reporting income or inflating expenses. Tax evasion is an offense and people found evading taxes, could face criminal charges, prosecution and substantial penalties. Eg: Disclosing unreal income.
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IT department charges penalty for misreporting income

Monday, July 17, 2017, 11:07 AM

Misreporting happens in the case of misrepresentations of facts and includes: failure to record investments in the books of account, claims of expenditure not substantiated by any evidence and recording of any false entry in the books of account. In the case of misreporting, the penalty can be as high as 200% of the tax payable on the misreported income.

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