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?