What is the sloution, if an assessee has filed a return which was belated, but in course of making retun some vital assets where left and were omitted to be reflected in the return.
What should be done now to rectify the mistake and revise the return
| Originally posted by : SHAFI SIDDIQUI | ||
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What is the sloution, if an assessee has filed a return which was belated, but in course of making retun some vital assets where left and were omitted to be reflected in the return. What should be done now to rectify the mistake and revise the return |
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filing of revised return is only solution within the assessment year.
A revised return is not possible since it is a belated return.
The best possible option is to file a letter with the Assessing Officer ('AO') explaining him the discrepancy in the return. A belated return is usually selected for scrutiny assessment. At the time of scrutiny assessment, all relevant facts should be brought before the AO otherwise there is a chance of penalty for inaccurate particulars or concealment of income.
Ok, I agree with DMC but that will be an invitation to A.O. to drag the assesse for scrutiny assessment???
In stead of not rectifying the mistake, it is better to file the revised return.
In future, you will be in a position to explain the position as an honest tax payer
Insha allah ! it will be in the best interets of the assessee.
IMPORTANT :
Department may consider the position on the basis of Revised Return till any notice has not been issued.
Thank you, Paras Sir,
I take ur stand, its worth, and sensible.
CAclubindia
