Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

URGENT PLEASE --RETURNS FOR FINANCIAL YEARS - 2005-06, 2006-07, 2007-08

Kr R (JOB) (88 Points)

04 August 2009

Reply
Follow
Share

3 Replies

PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3443 Points)
Replied 04 August 2009

Dear Friend

although what you have done is not right. but i suggest you to please do not revise any return (this is my personal advice) because upto assessment year 2007-08 are already time barred it means you will not receive any notice etc. from department upto financial year 2006-07.

so in my opinion you should keep all information with you only and do not revise your IT return. ( I know people in this forum are professional and they will not agree with my point of view, but practically, there is very dim chance or you can say no chance of getting any notice from Income Tax Department upto assessment year 2007-08.

I am again saying this is my personal view, you may consult any expert for that also.

Thanks

Praveen

Kshitij Saxena (CA Final) (256 Points)
Replied 04 August 2009

Well Mr. Kumar I do not agree with the point of view of Mr.Praveen as if you do not revise your returns it is nothing but concealment of income

Do not think that Income Tax Department cannot trace you when you have your demat account you must also be having your PAN No. with it and if your return by any means comes under the scanner you might find yourself troubled

Plz consult a Tax advisor in your region for better personalized advices