Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal
 GST Rule Changes for FY 2025 26
 Income tax return filing 2025: Five ITR mistakes that can trigger an income tax notice in 2025
 ITR filing What is updated income tax return and ITR U Who can file & what you can t change - top points to know
 Shifted to new tax regime? Here are 5 investments you shouldn't drop
 Auditing and Assurance Standards Board Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects.

Doc's unreported income show up in Mumbai raids
February, 24th 2007

Income tax officials, who conducted raids on doctors in Mumbai on Thursday, said they have unearthed an average undisclosed income of Rs 1 crore from each doctor. One doctor has confessed to have unreported income of close to Rs 3.5 crore.

The premises of 20 doctors have been searched and the volume of unaccounted income is expected to go up once the officers start accessing bank lockers. A senior officer said the action against doctors was based on the information that many doctors dont pay tax despite having a good practice.

Also, the department wanted to communicate to professionals that it is better to pay up than being fined with interest for not reporting their income. According to tax rules, income generated this year attract tax on a regular rate, while the income generated in the past years but detected during a raid will result in penalty and interest.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2025 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting