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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2013 Dear Sir

There was survey conducted on our one of the client in June 2013. In which it has declared additional income for AY 2012-13 for which return was already filed. Now my question is whether we have to revised the return or simply pay the tax and inform the assessing officer ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 October 2013 revise the return wherein you shall include the additional income declared.

After that your return shall be processed under 143. Please be aware that penalty under 271(1)(c) is often levied in such cases. please refer to following links wherein you wish to appeal against such penalty:

https://indiankanoon.org/doc/50129050/

https://www.indiankanoon.org/doc/79888779/

https://indiankanoon.org/doc/23754992/

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2013 But Sir we have file belated return though can we revised the return ??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 October 2013 well as a rule you cannot revise the belated return.

In that case you are the mercy of the AO. It would still be advisable that you pay off the additional taxes and make submission to the AO providing details of the revised computation and an emphasis on the fact that you have made voluntary disclosure. This may help you at the penalty proceedings stage.

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