Revised return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 December 2011 If an assessee wants to revise his return who has showed income of 10 lacs and whether he can file a revised return with income of 41 lacs. Even if he pays penalty, interest and tax on it will it still amount to concealment????and notice will be sent to the assessee...
Also penalty u/s 271B is paid still will it make difference to above question???

Aijaz Shaikh

Aijaz Shaikh (Expert)
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18 December 2011 Assessee can definetly filed the revised return.

Penalty is just like punishment, you cannot pay it, unless imposed by income tax department.