If business income not shown as per TDS certificates

revise the return imediately

agree with Mr u.s .sharma

you should revise the return

Originally posted by : U S Sharma
	revise the return imediately

AGREED.

agreed with all friends reply

revise the return............

Hi..

Mohit

I agreed with all freinds reply , but,

As per U/s 139(5) can be filed only if the original return filed within the due date,and the revised return should be filed only if the mistake is bonafied.The benefit of section 139(5) cannot be claimed by a person who has made false return knowing it to be false.It is to be noted also that once a revised return is filed the original return stands withdrawn.

As per U/s. 271(1)(c) of Income Tax Act provides penalty for concealment of Income and for furnishing inaccurate particulars in the return of Income.

It is to be noted that if revised return is filed to correct a bonafide mistake then no penalty can be levied, otherwise it can be levied.

Conclusion: Return of Income should be filed within due date and with utmost care. If bonafidely some mistake still happens in the original return then the benefit of filing the revised return can be taken.

It is advisable that if any mistake has happened in the original return then revised return should be filed before any action on the mistake is taken by the AO to escape penalty u/s 271(1)(c).

Friends i hv one querry, one of our assessee failed to include the income while filing the return of income, but on such income appropriate Tds was deducted and paid by the assessee. Such exclusion was not intentional as he is NR and return was filed by his representative in India.

COI has issued the notice leving a penalty u/s 271(1) (c) on such income, considering it to be a case of Tax evasion.

Can any one suggest me appriate action to be taken along with any case law?

Originally posted by : Anil vish
	Friends i hv one querry, one of our assessee failed to include the income while filing the return of income, but on such income appropriate Tds was deducted and paid by the assessee. Such exclusion was not intentional as he is NR and return was filed by his representative in India. COI has issued the notice leving a penalty u/s 271(1) (c) on such income, considering it to be a case of Tax evasion. Can any one suggest me appriate action to be taken along with any case law?

ignorance is not an excuse, face the situation and pray to reduce the panalties by paying tax.

WHAT HAPPENED TO RECEIPTS OF SUCH UN DISCLOSED INCOME       ?