13 April 2015
An Indian Individual Assesse is having a foreign bank A/c but forgot to shown the detail in his Income Tax Return. Please note there is no any income on such Bank A/c.
Please inform what is the consequences as per Income Tax Act?
13 April 2015
It will be deemed as 'Concealment of Income' in the eyes of IT officials. You may seek to revise the return or else, write a letter to your Jurisdictional Assessing Officer for permitting to revise the Return.
13 April 2015
If you have not revised the Return, if later on the IT Dept finds that you have foreign assets/ accounts, action u/s 271(1)(c) would be initiated. I.e, penalty upto 300% of the tax on income sought to be concealed.
13 April 2015
The return filed is not'correct and complete' due to the said omission meaning thereby the'verification' given by the assessee becomes false which can lead to 'prosecution' under section 277 of the Income tax Act,1961 and if convicted be punishable with rigorous imprisonment and fine.
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