Non-disclosure of bank account

This query is : Resolved

Guest

Guest (Querist)

28 August 2015 i have filed return of one of my client in which i have disclosed one bank account. later on, i found out that the client holds another 2 bank accounts. so, what should i do now?, is it compulsory to revise the return? early reply is required.

what will be the consequences if i failed to revise the return?

Amol S Joglekar

Amol S Joglekar (Expert)
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28 August 2015 it is better you revise the same.

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Guest

Guest (Querist)

28 August 2015 IF SOMEHOW, I M UNABLE TO REVISE THE SAME, WHAT WILL BE THE CONSEQUENCES?EALRLY REPLY IS REQUIRED.

Amol S Joglekar

Amol S Joglekar (Expert)
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29 August 2015 Consequences as such are not yet crystalised by the income tax department. But as we all know, income tax department is a 2 way SWORD and hence try to revise as soon as possible.

The past history of income tax department suggests that for initial few years they are quite polite with the assessee. May be for first few years, they may not mind much for non disclosure of savings account. But, as i said, its a 2 way sword.

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Guest

Guest (Querist)

04 September 2015 is it mandatory to quote a.o. code in it return?

Guest

Guest (Querist)

04 September 2015 is it mandatory to quote a.o. code in it return?

Amol S Joglekar

Amol S Joglekar (Expert)
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05 September 2015 A.O code box/ field may be kept blank. No issues.

You may follow the link for knowing the A.O. code

https://incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourJurisdictionLink.html