John F. Clark 
TAX smart cash hoarders may also sense that there are approaches and means of playing around with the provision of law to avoid taxes and move scot-free even after demonetization. The authorities have explicitly warned tax evaders that they are sure to come back under the scanner if they misuse the provisions relating to revision of Profits-tax returns to whitewash their black cash.
Real mistake
Taxpayers exercise due diligence at the same time as submitting profit tax returns. But on occasion, taxpayers record their Earnings tax return in haste to meet the closing date and neglect to reveal some Profits or claim a few deductions. Suppose you have filed your go-back nicely earlier than the closing date. However, there has been an omission or mistake made in the return of Profits. You may file a revised return of Profits tax under 139(fi5 The tax regulation allows you to revise your tax return, provided the omission or wrong statement in the original return into due to a bona fide mistake. Use of the word “omission” or “incorrect assertion” makes it clear that such revision is permitted most effectively if the error is “accidental” or “below bona fide notion earlier of such statement being correct.”
Intentional Concealment: My Latest News
But, intentional concealment/ fake assertion could not now be covered within the scope of revision. In revised return, adjustments may be made to any information provided in the authentic return, inclusive of Earnings/ expenditure information, info of belongings/ liabilities instability sheet, personal records, financial institution account details, and so on. Those making essential changes to the beginning/ ultimate balance of cash, growth in cash sales, reduction in cash expenditure, reporting of any mortgage or other cash transaction (which includes gifts), no longer suggested in the unique return, might also appeal to scrutiny. They will be requested to substantiate the purpose in the back of the alternative made because the onus to show the bona fide error is on the taxpayer. Particularly w, where any tax goes back is revised, publish-demonetization regarding modifications to cash stability/ cash transactions; taxpayers must be prepared with a suitable and affordable explanation for why these modifications are being made. Misusing the provisions of law to make modifications to the Income and expenditure declared within the original go back considerably, altering the substance of the authentic return, is certain to raise questions.
Now, not a fake alarm
This sort of example which raises suspicion approximately manipulation in the quantity of Income, cash-in-hand, income, and so forth., and fudging of debts shall always result in a scrutiny of the tax go back which will confirm the perfect Profits of the yr. The government will not turn away from penalizing the wrong-doers and might even levy penalty/provoke prosecution if it deems suit.
