Demonetisation: Revised income tax returns may be scrutinised

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


#cashless   #Rs 1000   #Rs 500   #currency   #demonetisation   #Reserve Bank of India   #RBI   #black money   #banking   #income tax return   #income tax department  
Income tax department
Income tax department

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.

 

Comments

 

Other News

Nitish Kumar quits as Bihar CM

Nitish Kumar resigned as chief minister of Bihar on Wednesday, just hours after RJD chief Lalu Prasad ruled out his son and deputy chief minister Tejashwi Yadav putting in his papers following a case being registered by the CBI. The JD(U) and RJD alliance had been under considerable strain o

Will the needy get homes under PMAY?

 The Pradhan Mantri Awas Yojana (PMAY), introduced in June 2015, aims at providing every family with “a pucca house with water connection, toilet facilities, 24x7 electricity supply” by the time the nation completes 75 years of its Independence in 2022.   The Yoj

No longer a walk in the park for bureaucrats

Continuing as a bureaucrat just got a lot tougher with the government weeding out the incompetent and taking action against 381 civil services officers, including 24 who were from the Indian Administrative Service.   The Narendra Modi government’s action against civil s

Kashmir’s ‘Nelson Mandela’ arrested for terror funding

 The National Investigating Agency (NIA) has arrested Shabbir Shah, who was once called the Nelson Mandela of Kashmir for his advocacy of peace, for his alleged involvement in money laundering to support terrorism in Kashmir. Shah, whose J&K democratic freedom party is a part of the pro-

Quantum urbanism: Step one, dismantle systems thinking once and for all

Feel your favourite city. The words that typically come to your mind are liberally fused with adjectives in a valiant effort to give shape to our deeply felt emotions. It is quite common to find descriptions that are a chaotic and joyful mix of traits and idiosyncrasies that one can mistake for a good frie

Should employment exchanges be scrapped?

Should employment exchanges be scrapped?





Video

Death toll rises to 17 in Mumbai building collapse

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter