Demonetisation: Govt warns assessees against drastically revising returns

New Delhi, December 14
In the wake of misuse the provision of revising I-T returns, the Finance Ministry today said those drastically alter the substance and quantum of the earlier disclosed income will have to face scrutiny and penal action. It said that post-demonetisation announced on November 8, some taxpayers may misuse this provision to revise the returns filed by them for the earlier assessment year for manipulating income with an intention to show the current year’s undisclosed earnings in the earlier filing.
“The provision to file a revised return… 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,” the ministry said in a statement. “Any instance coming to the notice of the I-T 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 and prosecution in appropriate cases in line with provision of law,” it said.
Under Section 139(5) of the I-T Act, a revised ITR can only be filed if any person who has filed a return discovers any omission or any wrong statement therein.

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