Revised Return filing

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2010 Dear Experts Forum,

I had filed my return in June 2009. Due to unknown reasons to me my case has come under scrutiny for which they will assess me in jan / feb 2011. While doing post mortem of my return and accounts I realised that there is an income of Rs 3 lacs which I ommitted to declare. Can I file a revised return ? Will it be considered since I will be filing post receipt of notice under 143(2). What are the consequences of my act of ommission ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

11 September 2010 Tax and Interest on Rs. 3 lakhs has to be paid in addition to penalty proceedings under section 271(1)(c) of the Incoe tax Act,1961.
Revising the return in this stage will strengthen the penalty issue.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

11 September 2010 agreed with Chackrapani Ji.
Now do nothing, wait for demand notice.

mohinder kansal

mohinder kansal (Expert)
Follow

11 September 2010 I don't think, if revised return is filed now i.e., before the undisclosed income is detected by the deptt., penalty can be imposed. In my opinion, revised return should be filed immediately.

CA Amit Joshi

CA Amit Joshi (Expert)
Follow

12 September 2010 Department have the power to leave concealment penalty U/s 271(1)c under the above situation even you have voluntary revised your return.
So wait for the notice. Agree with B.Chackrapani Warrier Ji..

mohinder kansal

mohinder kansal (Expert)
Follow

12 September 2010 what notice is to be received now ? I am still of the opinion, if concealment is detected by AO penalty can be levied surely but if revised return is filed by the assessee before the income is detected by the AO, there are chances that the penalty is not imposed. revised return can be filed at any time within one year from the end of assessment year or before completion of assessment whichever is less. case CIT vs. Manubhai and bros. deliver by Gujrat High court on 4.12.2006 can be referred. there are also many other cases too.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

BABUSHANKAR BASAPPA

DURGA TANDEL

R.Prashanth

swaminathan

CA Rahul Patwardhan

Subscribe Now

Revised Return filing

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA