Non Disclosure of Previous Employer Income
Dear Sir/Madam, 2 years back I had changed my Job mid of the year. I also had home loan that I had declared to my previous employer who computed my Tax laibility after giving me home loan rebate.
Late on to my new employer I forgot to share the Income and tax deducted detail of my previous employer and as a result my new employer also computed my tax laibility after considering my home loan. While filing return I dodid not consider my previous employer's income as well as tax paid.
Now I got demand for arrear payment with huge amount, I wanted to know what does Law says in such a case, Since now I know I should have merger both income and tax paid then computed tax and paid the additioan tax, What are the penality and under which section I can be charged by tax authorities.
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