We forgot an asset (an investment of Rs.100000) to bring into books ! how should I deal with this ?
whether can I bring now and show in my balance now pls suggest what are the treatments and effects clearly. pls suggest me where all the changes to me made as a layman.
Is it for the purpose of filing you individual return?
or is it for a company?
if for company, then bring it to balancesheet.at w.d.v :)
Hi Ravi,
It is better for you to revise your last year's return rather than booking in this year. Further, question to ask whether any income generated on such investments and if yes whether such income has been shown for tax purpose in last year itself?
If income generated therefrom in last year also and you are not showing such income from that investment made, then it is highly advisable to revise ur return. Otherwise UR assessing officer may levy penalty under section 271(1)(c) of the income tax act for concealment of income gerenated from such investment.
Hope This solves ur query.
Thanks and Regards,
Manoj B. Gavali
| Originally posted by : Manoj B. Gavali | ||
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Hi Ravi, It is better for you to revise your last year's return rather than booking in this year. Further, question to ask whether any income generated on such investments and if yes whether such income has been shown for tax purpose in last year itself? If income generated therefrom in last year also and you are not showing such income from that investment made, then it is highly advisable to revise ur return. Otherwise UR assessing officer may levy penalty under section 271(1)(c) of the income tax act for concealment of income gerenated from such investment. Hope This solves ur query. Thanks and Regards, Manoj B. Gavali |
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Completly AGREED with the above view.
CAclubindia
