Wealth Statement under Section 116
Previously, taxpayer can revise their wealth statement without intimation to the Commissioner if the taxpayer discovers any omission or error.
However, now Finance Act has amended the section and now taxpayer shall intimate to the Commissioner in the prescribed form and manner regarding the revision of wealth statement.
However, Where the Commissioner is of the opinion that the revision is not for the purpose of correcting a bona fide omission or wrong statement, he may declare such revision as void through an order in writing after providing an opportunity of being heard.
Moreover, it has also been clarified that wealth statement cannot be revised after 5 years from filing of such wealth statement.