Past returns redo?

Hello all. I've noticed a problem with my very first and only IT return so far. It is of FY05-06(AY06-07). That was the year I turned 18. The IT return was cleared as per normal, however I noticed that the balance sheet and assets/liabilities form are incorrect. MFs that my parents had invested in under my name were not declared. But as I said, the IT return was accepted. My question is, since I will have to declare the profit+dividend of these MFs in the next year(FY06-07), what is the best course of action to take? Should I redo the FY05-06 return and then file the other years properly or should I just ignore the mistake in the FY05-06 return and just file the other years hoping that no one will notice? Thanks in advance. -Jaganath