The Assessee was a professional accountant and he was surveyed in May 2025. Undisclosed Income were recorded in the Sruvey statement. The Assessee was awaiting for the 148 notice/ further actions by the IT department. What are all the things that the assessee can do to reduce the penalty/ financial impact of his assessment. Or any way is there to revise/update the IT return (OR) pay the taxes for the undisclosed Income to reduce the financial loss. Please advise
Better to file updated return for last four years before assessmet proceedigs start.
If we file updated return whether they will consider that return because of the attached clause sir???
If a survey under section 133A has taken place against the assessee and undisclosed income is discovered, filing an updated return for that year or any earlier year is not allowed.
It only for any other undisclosed income (for amother year/s) which may have been missed.
So, we cannot make tue updated return (with the undisclosed income) for the previous assessment years of the survey?
Correct.
Thank you Sir that answers my question
You are welcome.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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