Revised return

This query is : Resolved

Dhaval (Querist)
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14 March 2013 One of our client who is individual, of whom we have filed IT return for the F.Y 2011-12 within due date.
But just now I have found that during that year he had received gift on his marriage of an amount around Rs. 10 lakhs which is exempt from tax, but while filing return we have not taken count of that income.
So, my query is that do we required to file revised return or no revised return as there would not be any change in tax liability?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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14 March 2013 Gifts received at the time of marriage is exempted to tax and as well as it not included in total income while we computing our total income and tax liability but however we have to mention this at the Schedule EI in the return form. So i think you not mentioned it at schedule EI at the time of filing of return of income. So now filing of revised return there is no change in income so due to no change in income we need not to file revised return.
But the facts of gift received we have to mention in return but you didn't does it. So now need not to be filling of revised return but better to file revised return with disclosing the fact of gift received at schedule EI to avoid any problems with the department in future.

OM SAI SRI SAI JAI JAI SAI

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