AIR info in ITR-2

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2011 In FY 2009-10, I had invested in 2-3 mutual fund schemes where the investment was more than2 Lakhs in each scheme, for the purpose of buying a house in the near future. However, I forgot to mention these details in my ITR-2 form when returns were filed in June 2010. All these investments were from my own public bank accounts.
What is the implication of this? Will my return automatically come for scrutiny? Or do I need to file a revised return with this info mentioned?
On the other hand, if I do file a revised return will the chances of scrutiny increase?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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21 May 2011 At the appropriate time you are in a position to convince the AO hence you need not to worry.

Querist : Anonymous

Querist : Anonymous (Querist)

22 May 2011 Dear Mr. Bafna,

Though your response is reassuring, it still doesn't answer my queries.
Can u please tell me
- Will my return automatically come for scrutiny? Or do I need to file a revised return with this info mentioned?
- On the other hand, if I do file a revised return will the chances of scrutiny increase?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 May 2011 As the information required to be furnished has not been provided by you, this is an omission, which can be rectified by furnishing a revised return.
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Department matches the AIR Reports received from Mutual Funds on the basis of PAN Nos with the particulars furnished in returns and prepares a list of Scrutiny of Returns.
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Probability exists that you may receive a scrutiny notice.
It is not so that by revising a return chances of scrutiny increases.
By Revising the Return you will minimise it to zero.
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By doing so your compliance part will be completed and as such you will not remain in fault.

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