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Black money

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(Querist)
29 October 2011 dear sir,i have deposited 13 lac Rs. in saving account in 2009-2010 and i have not shown this amount in my incometax return and know i have received scrunity notice .please advice me can i revise my return or i declare this amount as income from others source and pay tax.or i have to pay penalty?
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jaigurudev

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jaigurudev (Querist)
29 October 2011 please advise me
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
29 October 2011 In case you are filing personal Balance Sheet and showing the balance in the SB A/c as on 31.03.2010 in your Balance Sheet, a suitable explanation can be given by consulting your CA.
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Gursimar Singh

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Gursimar Singh (Expert)
31 October 2011 U cannot revise ur return now....as it will attract penalty of 300 % of the tax evaded...so its not advised at the stage...
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