• Breaking News

    Loading...

    Dec 14, 2016

    100% Income Tax Scrutiny of Revised Return After 8 November 2016

    Under the existing provisions of section 139(5) of the Income-tax Act, 1961 ('Act'), Revised Return can only be filed if any person, who has filed a return under section 139(1) of the Act or in response to notice ufs 142(1), discovers any omission or any wrong statement therein. Post demonetization of the currency on 8th November, 2016, some taxpayers may misuse this provision to revise the return-of-incanie filed by them for the earlier assessment year, for mani ul of income, cash-in-hand, profits etc. with an intention to show the current year's Undisclosed income (including the unaccounted income held in the form of demonetized currency in current year) in the earlier return.

    It is hereby clarified that the provision to file a revised return of income u/s 139(5) of the Act has been stipulated for revising any omission or wrong statement made in t e original return of income and not for resorting to make changes in the income initially declared so as to drastically alter the form, substance and quantum of the earlier disclosed income.

    It is brought to the notice of tax payers that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and also attract penalty/prosecution in appropriate cases as per provision of law. 

    (Meenakshi J.Goswami) 
    Commissioner of Income Tax  
    CBDT

    No comments:

    Post a Comment

    Featured

    Recent Post

    Subscribe Now!

    A to Z of Tax and Banking