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CA SHAFI SIDDIQUI (Ca in Practice) (228 Points)

31 December 2010

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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5 Replies

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 31 December 2010

Originally posted by : SHAFI SIDDIQUI
	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

filing of revised return is only solution within the assessment year.

DMC (Student) (364 Points)
Replied 31 December 2010

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.