Revised return
This query is : Resolved
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?
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?
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding appeal to GSTAT
- Copyright software
- Transporter Declaration form
- Multiple trade mark
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
