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Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2013 What will happen if do not disclose my exempt income( like PPF intrest, Amount received from Insurance policy etc) in ITR????

Does it attract it any Fine or Penalty??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

24 July 2013 It will not have any impact if it is really exempted income.

How ever suggested to disclose it correct income

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2013 Any Cases??

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)

24 July 2013 You should disclose it because, it will change the ITR Form........ It can have impact so dont try to break the law willfully.....

If its exempt whats the problem to show it ?

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2013 What if I forgot to mention it, DO I require to revise the Return huh??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

25 July 2013 yes. revise the return with adding that income

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2013 Dear Ramesh I dont wannna revise the return, I just want to know, Will there any problem arise in future.....like penalty u/s 271(1)c inaccurante particulars or AO can say Defective Return?????????/

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

25 July 2013 Yes. chances are there. Income taxable or exempted, need to be disclosed in the return properly. incase department come to know some other sources your exempted income not disclosed in the return, there is chance to raise that time produce your statement of affairs to know about your assets and liability details and they may scrutiny the case for checking any other taxable income not disclosed in the return.

So suggested to show the exempted income also in the return, it is necessary that is the reason in returns also separate provisions to disclose the same

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