Consequences of filling income tax return under wrong itr
This query is : Resolved
11 April 2014
what are the consequences of filling income tax return under wrong ITR...and how to rectify it ?
11 April 2014
the consequences shall depend on whether :
1. any information that was supposed to be disclosed but could not be disclosed because of the wrong form used. For eg if you file ITR2 instead of ITR4 and show business income as other income. This would amount to misrepresentation.
2. any income is taxed at a lower rate instead of the actual higher rate because of the wrong form. For eg for business income less than 1 cr, the minimum profit to be declared is 8% (if no audit it done). if you use ITR 2 to show the same, it could get taxed at a lower rate, which would amount to income escaping taxation.
1. any information that was supposed to be disclosed but could not be disclosed because of the wrong form used. For eg if you file ITR2 instead of ITR4 and show business income as other income. This would amount to misrepresentation.
2. any income is taxed at a lower rate instead of the actual higher rate because of the wrong form. For eg for business income less than 1 cr, the minimum profit to be declared is 8% (if no audit it done). if you use ITR 2 to show the same, it could get taxed at a lower rate, which would amount to income escaping taxation.
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