Does income levy authority of india prosecute for evasion of small amount of income close to interest on fdr?
Answers:
Theoretically yes as the tenet does not distinguish small or big, concealed income or excise evasion. But practically no,as just a small percentage of returns are picked up for scrutiny and even here unbelievably few are served beside identify for assessment proceedings. In these proceedings, the assessee or his authorised representative can provide clarifications on specific points. If further documents are demanded they are to be provided. If as a sequel to adjectives this, some accumulation is to be made, the assessee can directory a revised return also. If the tariff due is remunerated, while doing so, as self-assessment due, the thing ends. Even otherwise, upon conclusion of assessment proceedings and assessment writ a mind of constraint will be served. Then too, if excise demanded, is remunerated, the business ends. Prosecution is unbelievably intermittent and constrained to stubborn and precise evasion of sizeable amounts.
yep
There is no prosecution for small evasions, however you may back up paying some interest and penalty for such evasions.
You can consult your CA for further details
In principle, tariff evasion is a crime, irrespective of the amount that it involves. You can amazingly very well include in your subsequent year's statement (if already file for this year's) next to a small cost. Consult beside a Chartered Accountant.