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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
Replies (3)
AS on 21st nov. 2009 u can't file Return of Income for AY 2006-07 as per Income Tax Act,1961.
Thanks for the reply Sanjay.
What do you recommend I do now? Proceed with the rest of the years' IT returns, or should I get in touch with the IT department and inform them of my situation?
Basically, my query is, will I have too much of a problem if the balance sheet between two years don't fully match up?
-Jaganath
Bump.
-Jaganath
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