The income tax department will be looking out for manipulation in the amount of income, cash-in-hand and profits
GN Bureau | December 14, 2016
If you are planning to file a revised income tax return following demonetisation, then be warned. The income tax department will be looking out for manipulation or fudging and such cases may be taken up for scrutiny.
The income tax department on Wednesday said that the provision to file a revised return of income has been stipulated for revising any omission or wrong statement made in the 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 may also attract penalty/prosecution in appropriate cases as per provision of law,” said a press release.
Under the existing provisions of the Income-tax Act, revised return can only be filed if any person, who has filed a return, discovers any omission or any wrong statement therein.
Post demonetisation of the currency on November 8, some taxpayers may misuse this provision to revise the return-of-income filed by them for the earlier assessment year, for manipulating the figures 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 demonetised currency in current year, in the earlier return.
The airports at Lucknow, Deoghar, Rajkot and Allahabad would be spruced up by Airports Authority of India to improve and develop infrastructure to meet growing traffic demands. The authority plans to construct a new integrated passenger terminal building at Chaudhary Charan Singh Internation
The Indian constitution states that “the state shall strive to promote the welfare of the people, protecting as effectively as it may a social order in which justice, social, economic and political for all.” It is on these basic values that India continues to endeavour to provide its people bas
Two path-breaking judgments by the Supreme Court on privacy and triple talaq were a reminder of how much we have begun to rely on the judiciary to make sense of a conflicted world. Seventy years after Independence, India’s judiciary has many accomplishments to its credit. A large judicial infrastruct
Maharatna enterprise Steel Authority of India Limited (SAIL) has said that it supplied 80 percent steel required for construction of the Sardar Sarovar Project unveiled by prime minister Narendra Modi. SAIL supplied around 85,000 tonnes of steel for the entire Sardar
College and university teachers all across the country seem too much worried about the policy shift with respect to their pay and regulations from centre to states. Therefore, they may be gearing up for an indefinite movement in the coming days, a situation that was built only during the previous regime of
After a long wait of almost half a century, filled with more twists and turns than the river Narmada’s, the Sardar Sarovar project is finally complete. Prime minister Narendra Modi dedicated the multipurpose project to the nation on Sunday, which also happened to be h