mohit (account) (51 Points)
08 June 2011I have a assessee who is dealing in crane services. he shown income for A/Y 2001-11Rs.61 lacs.,NP5.00 lacs and claimed deduction from tds certificates Rs.3.87 lacs and filed his ITR4.But while seeing 26AS it is found that he forgot to claim TDS amount87000/-,as wellas income4lacs. what is the option now? can he forgo TDS87000/-.what will be departments action.
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 08 June 2011
| Originally posted by : U S Sharma | ||
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revise the return imediately |
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AGREED.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 08 June 2011
agreed with all friends reply
CA Mahesh
(...)
(70 Points)
Replied 09 June 2011
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return knowing it to be false.It is to be noted also that once a revised return is filed the original return stands withdrawn.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).
Anil vish
(Employee)
(23 Points)
Replied 13 July 2011
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?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 13 July 2011
| Originally posted by : Anil vish | ||
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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? |
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ignorance is not an excuse, face the situation and pray to reduce the panalties by paying tax.
raj
(consultant)
(34 Points)
Replied 22 January 2012
WHAT HAPPENED TO RECEIPTS OF SUCH UN DISCLOSED INCOME ?
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