i.t
This query is : Resolved
05 July 2011
if interst on saving deposit had been omitted in ROI, and if belated return time has elapsed.than what is the possibilites to correct the ROI. and what will be the consequence?
U S Sharma
(Expert)
05 July 2011
add the amount in next year income.
05 July 2011
What is the amount? If it is substantial then you have to pay the tax with interest and if assessment has not been done then file a revised return although the time has lapsed but before any detection by the department you have declared it and the penalty u/s 271(1)(C) can be saved.
CA. Krishna K Neeraj
(Expert)
05 July 2011
If the amount is substantial then you should pay the tax with interest. you can not revise the ROI but by doing this you can avoid penalty u/s 271(1)(c)
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