Concealment of Income

Tax Glossary Definition

Concealment of Income

Concealment of income refers to the act of deliberately hiding or not disclosing income with the intention to evade payment of tax. It includes furnishing false details, suppressing transactions, or omitting taxable income from the return. Such actions attract penalties and prosecution under the Income Tax Act.

Example: Not reporting rental income from a property in the Income Tax Return (ITR) amounts to concealment of income.

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