Forget toshow Rs. 10 lakhs cash deposit in bank in AIR
This query is : Resolved
10 August 2008
We have trading wholesale business and requires cash deposit of much more than Rs.10 lakhs in bank. We forget to show this in AIR in return of income filed before this 31st July. Now can income tax department make us pay penalty for not disclosing this in return of income
10 August 2008
you should file the revised return in such a case to avoid the penal provisions of the income tax act.
10 August 2008
File revised return.
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