It file return

ANY PROFIT EARNED BY CARRYING ON A BUSINESS IS LIABLE FOR INCOME TA, YOUR QUERY IS INCOMPLETE IT WILL BE WISE TO SEEK ADVISE BY PERSONALLY VISITING A CA OR A TAX CONSULTANT

 we have hotel business we pay r business taxes but till now we have not filed r it return,so i wanted 2 know is it acceptable if i show 1 lakh in my a/c,will we have 2 face any conciquences if we do not show true savings.

It will be acceptable, provided you are able to explain (to the Assessing Officer) your source for the  amount. The ownership status of the hotel business, the assets other liabilities you intend to show in the propsed initial Balance Sheet of the business etc are crucial.