CBDT Warns of Penal Action If ITR ‘Drastically’ Changed 

New Delhi: In a stern warning to assessees trying to misuse the provision of revising I-T returns, CBDT on Wednesday said those "drastically" altering the forms to revise income will face scrutiny and penal action.

It said that post demonetisation announced on November 8, some taxpayers may misuse this provision to revise the return 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 Central Board of Direct Taxes (CBDT), the policy making body of the income tax department, further said if the department notices any manipulation in income in previous year's ITR (income tax return), it will conduct scrutiny.

Under the 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.

PTI