Adding bank balance which was forgotten
This query is : Resolved
25 June 2015
Its Urgent,
Assessee has Bank balance which was not shown in his ITR since FY 2011-12, i.e. since first ITR. Now he wants to show this bank balance in ITR for FY 2013-14. Could he show by as per following way? (Eg. balance is Rs300000)
Bank A/c Dr
To Capital A/c Cr
What would be effect in taxation in case he show as above?
Assessee has Bank balance which was not shown in his ITR since FY 2011-12, i.e. since first ITR. Now he wants to show this bank balance in ITR for FY 2013-14. Could he show by as per following way? (Eg. balance is Rs300000)
Bank A/c Dr
To Capital A/c Cr
What would be effect in taxation in case he show as above?
Soumitra Basu
(Expert)
30 June 2015
YES, HE CAN SHOW. BUT THE A.O. CAN ISSUE NOTICE UNDER SECTION 148 FOR ESCAPEMENT OF INCOME.
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