Under the existing provisions of Section 139(5) of the Income Tax Act, 1961, 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 a notice under Section 142(1), discovers any omission or any wrong statement therein.
Post demonetisation of the currency on November 8, 2016, some taxpayers may misuse this provision to revise the I-T return filed by them for the earlier assessment year, for manipulating the figures of the income, cash-in-hand and profits etc. with the intention to show the current year̢۪s undisclosed income (including the unaccounted income held in the form of demonetised currency in the current year) in the earlier return.
It is hereby clarified that the provision to file a revised return of income under Section 139(5) of the Act has been implemented 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 to drastically alter the form, substance and quantum of the earlier disclosed income.
It is brought to the notice of taxpayers that any instance coming to the notice of the 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 to ascertain the correct income of the year and may also attract penalty/prosecution in appropriate cases as per provisions of the law.
You can file your Income Tax Return Online via All India ITR.
Source: http://indiatoday.intoday.in/story/demonetisation-income-tax-return-provision-section-139-5-of-the-income-tax-act/1/834162.html
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Post demonetisation of the currency on November 8, 2016, some taxpayers may misuse this provision to revise the I-T return filed by them for the earlier assessment year, for manipulating the figures of the income, cash-in-hand and profits etc. with the intention to show the current year̢۪s undisclosed income (including the unaccounted income held in the form of demonetised currency in the current year) in the earlier return.
It is hereby clarified that the provision to file a revised return of income under Section 139(5) of the Act has been implemented 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 to drastically alter the form, substance and quantum of the earlier disclosed income.
It is brought to the notice of taxpayers that any instance coming to the notice of the 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 to ascertain the correct income of the year and may also attract penalty/prosecution in appropriate cases as per provisions of the law.
You can file your Income Tax Return Online via All India ITR.
Source: http://indiatoday.intoday.in/story/demonetisation-income-tax-return-provision-section-139-5-of-the-income-tax-act/1/834162.html
Also Read Articles: Income Tax: Reduced Value Of House is Perk For Employee
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