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(Querist)
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?
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sanjay

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sanjay (Querist)
05 July 2011 please reply
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U S Sharma

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U S Sharma (Expert)
05 July 2011 add the amount in next year income.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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.
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CA. Krishna K Neeraj

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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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