Dear All,
I have filled my It return in FY 14-15, My income was non taxable as per the IT rates prevailing that time. In the mean time I have not considered an income amounts to Rs 30,000/- bcz I have not received the same. Till now also I have not got that money. Now I have got notice from IT department U/s 148. Should I file revise return for that period including that income. If I include that income again than also my income will be non taxable. what should I do please guide me.
Thanks and Regards,
Sanjay.
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Notice U/s148
Replies (2)
If it reflects in your form 26AS, you must include it.
Otherwise based on cash receipt basis, no need to add.
on what basis you recognize your income: cash basis(when received) or mercantile basis( when accrued)?.Normally salaried persons follow cash basis and businessmen follow mercantile basis. So, if you follow cash basis, you dont need to include income in new ITR as you have not received money yet but you will need to explain the same clearly with relevant document to assessing officer. If you follow mercantile basis, you shall include the income in ITR as the income has already been accrued.
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