Central Board of Direct Taxes (CBDT), of the Income Tax Department, on December 14 cautioned tax payers from misusing the tax forms to revise their income returns. Doing so will invite punitive action, it added.
â€œThe provision to file a revised return is to change any omission or wrong statement made in the original return of income and not resorting to make changes in the income initially declared so as to alter the form, substance and quantum of the earlier disclosed income,” stated the CBDT.
The provision to revise the income tax returns (ITRs) was not for making changes in the income initially declared, but altering the form, substance and quantum of the disclosed income. Post-demonetisation, some taxpayers may try to revise the income return filed by them for the earlier assessment year to show the current year’s undisclosed income in the previous ITRs, saidÂ the CBDT.
Therefore, it has been clarified that to file a revised ITR or revise any omission or wrong statement made in the original return, changes must not be made in the income initially declared, it stated.Â The CBDT also said if the department notices any ‘changes’ in income as compared to previous year’s ITR, it will conduct scrutiny.”
Any such changes coming to the I-T department’s notice in the amount of income, cash-in-hand, profits and fudging of accounts may necessitate scrutiny. In case of any such changes, it will not only attract, but also prosecution as per law, said the CBDT.
Under Section 139(5) of the I-T Act, a revised ITR can be filed if any person who has filed a return discovers any omission or any wrong statement therein.