Hi,
One of my friend filed return of income for the assessment year 2010-11 online.
while filing the return he did not give information about the deductions and net taxable income and taxable payable which was there in form-16 unintentionally. He mentioned only the income and taxes paid as per form-16, he does not have anyother income except salary income.
On this july2011, he got intimation notice from IT Dept states that there is difference between figures as per IT act and return actually filed, Infact there is no refund or recovery as such, He just missed the deduction and tax payable details.
Is it advisable to send the revised return, if so revised return has to filed before the completion of the assessment year, in this case that period elapases, hence if he files revised return, will he be charged penalty?
Or, can he send a reply to notice? or can he keep quiet without respoding to the notice?
Which one will be correct?
CAclubindia
