I am a retired medical professional. I have filed my return regularly for the past 38 years. However, while looking at my past returns, I saw that I have not disclosed my house property, and rent for the same for the past 7 years. I have e-verified last two of my returns.
Is it advisable for me to pay the additional tax, interest and the penalty charged by income tax department, or to disclose the income from this year as income from house property claiming the property was not let out till this year.
I am worried because even if I chose to pay additional tax, it will be my burden to prove that it was a genuine mistake, and the penalty charged by the department may amount to a really huge amount? On the other hand, if I show this income from this year and get caught in scrutiny, it may not seem as a genuine mistake.
Jan. 22, 2018