Regarding Assests & Liabilities
Rajiv
(Querist) 28 January 2019
This query is : Resolved
Sir,
Currently I am working in a PSU sector where every employe has to declare their Assets & liabilities in System(in computer) annually.
I have been working since 4 years and my annual income is below 6 lacs.But while filling asset & liabilities in system I had shown only some part of my cash deposits in various bank as assests(Due to negligence and not intentionally)rest part I have filled as assests and liabilities is correct.
So members pl guide me the less asset which I had shown in system can pose any problem for me?
kavksatyanarayana
(Expert) 28 January 2019
You have to disclose your assets and liabilities in your Annual Income return statement. You are having cash deposits in various banks. In any case the authorities of your organisation come to know this, they can take disciplinary action against you. However consult your local CA.
Sudhir Kumar, Advocate
(Expert) 29 January 2019
any wrong information can pose problem.
why dis you underreport your assets?
Do you have assets beyond income?
Rajiv
(Querist) 29 January 2019
I was new to the job and did not know much about this as one has to submit his assets & liabilities within a stipulated time ,and as mentioned earlier what I did is not intentionally but a mistake.
Can from the next F.Y-2018-19 I show my rest deposit?
kavksatyanarayana
(Expert) 29 January 2019
It is better to show the same with reasons for not submitted earlier.
Sudhir Kumar, Advocate
(Expert) 29 January 2019
unreported assets of public servant are
"not within the known sources"
This can pave way for Jail.
H.M.Patnaik
(Expert) 29 January 2019
As there is no system in the portal to revise the data, you can approach your Administrative head with the issue and submit correct details in writing citing reason s of mistake as inadvertent mistake.
P. Venu
(Expert) 29 January 2019
You may revise the information filed.
Sudhir Kumar, Advocate
(Expert) 30 January 2019
None can stop you from correcting mistake. Although action can be taken for non-reporting truth. Meet concerned officials. Once you are allowed to correct mistake then no action can be taken against you at any future time.
Dr J C Vashista
(Expert) 31 January 2019
Well advised by experts, I fully agree and appreciate.
However, there is no dispute for consideration and obligation of legal experts.
If you have cheated your employer wherein you have under reported your assets face the consequence boldly.
Rajiv
(Querist) 31 January 2019
Thank u to all for your advice sir,one thing I did not mention in my post that before this job I had work for 1 yr in clerical cadre and the money i had earned there that have not been mentioned as earlier stated it was just a lack of proper knowledge while feeding data of assests and liabilities into the system.And also honorable supreme court said that Mere possession of disproportionate to known sources of income is not an offence and the income which is acquired through illegal means is considered as an offence .
I have underreported but I have not done this intentionally as I was a new entrant I have not filled properly the details pertaining to assests and liabilities.
Sudhir Kumar, Advocate
(Expert) 31 January 2019
you seem to be well aware of the Supreme Court decisions.
You have been advised what little knowledge the experts on this forum have.
Guest
(Expert) 31 January 2019
Ignorance (Negligence) could never be an Excuse.
Guest
(Expert) 31 January 2019
"nemo censetur ignorare legem "---- Aristotle.
