Land show in ITR


This query is : Resolved 

Quick Summary
This discussion addresses a user's concern about mistakenly showing land worth Rs. 5000 in their Income Tax Return (ITR) for FY 2018-19. They are asking if not declaring this land in FY 2019-20 will cause issues and are also seeking information on the ITR process for businesses. Advice suggests that a revised IT Return can be filed, and land doesn't need to be declared in business accounts if prepared without an investment component.

29 August 2020 I show the land of value Rs.5000 in ITR of FY 2018-19 by mistake of another person. Is there any problem, If I do not show this land in ITR for FY 2019-20. What is the process of ITR for business?

30 August 2020 You can also make revised IT Return

27 November 2021 No need to declare the land in business account. You can prepare it without investment part.


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