Revised return

 

One of our client who is individual, of whom we have filed IT return for the F.Y
2011-12 within due date.
But just now I have found that during that year he had received gift on his
marriage of an amount around Rs. 10 lakhs which is exempt from tax, but while
filing return we have not taken count of that income.
So, my query is that do we required to file revised return or no revised return as
there would not be any change in tax liability?
Replies (2)

If you know fact of case and time limit also has not been expired .So you should file revised return  considering the concept of disclosure of true exempted income as gift on marriage.

 

@ Dhaval

You should file a revise return as the amount involved is material and you should also consider the concept of true disclosure as stated by Vineet. As mentioned by you, the original return is filled within the due date, so you can file your revise return till 31.03.2014 or completion of assessment.

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