What is to be done in case an individual has not disclosed the income previously and is now willing to disclose that income ... is there be any penalty.. or surcharge... and what will be the normal procedure please help....
What is to be done in case an individual has not disclosed the income previously and is now willing to disclose that income ... is there be any penalty.. or surcharge... and what will be the normal procedure please help....
I don't think there is any penaulty
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THE ASSESSEE COULD FILE A REVISED RETURN U/S 139(4) UPTO ONE YEAR FROM THE END OF THE RELEVANT ASSESSMENT YEAR AND THERE IS NO PENALTY ON THAT.
REGARDS,
CA RITESH KOTHARI
CAclubindia
