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.
India’s first indigenously produced Covid-19 vaccine, Covaxin, has shown an interim efficacy of 81% in Phase III trials for preventing the virus. Covaxin has been developed in India jointly by the Indian Council of Medical Research (ICMR) along with Bharat Biotech International Limited (BBIL). &
In order to expand the vaccination drive, the centre has allowed 29 private hospitals in Mumbai not empanelled in central and state health schemes to be designated as Covid Vaccination Centres (CVC). After a virtual meeting with the chief minister and the BMC commissioner Tuesday evening, th
India on Tuesday concluded the spectrum auction after a total of six rounds of bidding. The authorities described the response as better than expected, with total bids valued at Rs 77,814.80 crore. The quality of service and customer experience is expected to improve with deployment of additional spectrum
One of the most significant setbacks from the massive upheaval caused by the Covid-19 pandemic is its effect on food and nutrition security. The pandemic has compounded the already rampant social inequity by adversely affecting the socio-economic status of millions of families across the nation. In the giv
Predictably Irrational By Dan Ariely Harper Perennial, 384 pages, Revised edition: 2010 In this meticulously researched work, Israel-American psychologist and behavioural economist Dan Ariely [h
Amidst growing concerns around lack of transparency, accountability and rights of users related to digital media, the government has framed ‘Guidelines and Digital Media Ethics Code’ after elaborate consultation with the public and stakeholders, to have a “harmonious, soft-touch oversight