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income tax
An assessee has concealed an income for the AY 2015-16 and filed his return of income. Time for revised return is already expired. Now when the income tax department has raided co- operative banks, they found deposits of the assessee, which does not match with the income returned. What is the further procedure?
Replies (10)
pay tax liability and close matter
Isnt possible to revise the return?
u have ur self anwer this question
revise return done only if return file before due date
that`s it and section 68 and 69 is also apply to
tax payer in this regard
Are you telling that tax payer needs to assess his tax and pay tax just by a challan? Will that complete the procedure?
But we need to show the details of the income isn't it? Can we show the concealed income through a letter and it's workings?
two ways u will get notice of demand for that year or income
not disclose will be add to current year income
They haven't raised a demand.
Can you give reference to the sections?
they will send u nitice and give time for exaplain
with in that time u have to give explaintion
Thank you samir
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