Forget toshow Rs. 10 lakhs cash deposit in bank in AIR

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(Querist)


10 August 2008

We have trading wholesale business and requires cash deposit of much more than Rs.10 lakhs in bank. We forget to show this in AIR in return of income filed before this 31st July. Now can income tax department make us pay penalty for not disclosing this in return of income


CA Abhishek Tyagi (Expert)


10 August 2008

you should file the revised return in such a case to avoid the penal provisions of the income tax act.


CA.Tarun Maheshwari (Expert)


10 August 2008

File revised return.



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