Mr X, a professional, is doing a roaring business. He gets a huge amount in cash. As cash is regularly coming to him, he is spending lavishly and saving a lot. While filing the income tax return, he shows a very low income. When one of the professionals pointed out this dichotomy, he said his tax consultant guided him to do the same. One day this fellow got a notice from the tax department. The notice sought an explanation to share details from where the money was mobilized for his wealth and business. The notice warned that the money they discover will be added to his income to calculate a fresh tax liability, obviously much higher than what he had declared. The department calculated tax, added interest and penalty etc. and sent a demand note also. The tax demand notice has sent Mr X scurrying for a cover leaving his on-going assignments. Terrified, Mr X is running for resolving this issue. He is now abusing the department. His opinion is that the tax department has always been harassing medium level entrepreneurs.
What is the reason?
Mr X did not realize that whatever he is showing in tax returns and whatever he is spending and saving is not adding up. This is exactly what the department is trained to detect. It was not because of the department but his unplanned way of management and tax planning that he got a notice. Whatever Mr X will be spending in resolving this matter and the income that he will lose because of running around ignoring his running business, is an added loss. The fee that he will have to shell out to professionals and advocates will be more than that he might have planned to save.
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