Voluntary disclosure?

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Querist : Anonymous

Querist : Anonymous (Querist)

31 May 2014 what is the procedure for voluntary disclosure of income under income tax?
What is the consequence of same?
What is the interest & Penalty that will be levied?
The above disclosure is to be made for AY 11-12.
Will Sec 115BBE BE APPLICABLE FOR THIS ASSESSMENT YEAR?

PLS DO REPLY.
THANK YOU.

Amol S Joglekar

Amol S Joglekar (Expert)

31 May 2014 if the return for AY 11-12 is not assessed, you can revise the same.

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Querist : Anonymous

Querist : Anonymous (Querist)

31 May 2014 Thank you for the reply.
but what are the penalty & interest charges applicable?
& under what section should it be disclosed?

Nikhil Kaushik

Nikhil Kaushik (Expert)

01 June 2014 AY 2011-12 tax return cannot be revised now. its time-barred.

Querist : Anonymous

Querist : Anonymous (Querist)

02 June 2014 WHAT IF TH PERSON HAS NOT FILED RETURN FOR THE SAID YEAR? WHAT ARE THE CONSEQUENCES & PROCEDURES TO BE FOLLOWED?

Amol S Joglekar

Amol S Joglekar (Expert)

02 June 2014 The decision is to be taken considering the magnitude of disclosure. Practical way out would be 'let go' if the magnitude is small/low/meagre....(All subjective terms)If the amount is significant,take the pre permission of CBDT to file the return for AY2011-12

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