revise return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2014 i had filed the return on 31.7.14 of indivitual but i omit the amount 4300 fd interest as income from other sources.as individual income below taxxable limit.ie if include 4300 there would impact on tax as the income remains below taxable, limit.as fd is renwed with interest amount

Please tell me whther i should revise the return as i have not submit itr v orignal ack to cps

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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26 November 2014 You should disclose correct particulars. So revise the return and send the ITRV of both original and revised return to CPC Bangalore.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 November 2014 but both itr-v generated should be sent within 120 days of filling respective itr else it will not be recognised as filling of a valid return of income and other consequences of non filling shall follow accordingly.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2014 thank u

please tell me if itr v not submited with in 120 days what will be the consquenses as till now i have not submit itr v ack then i can not file revise return

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 November 2014 then as if no valid return has been filed within the due date as per sec 139(1) and int shall be applicable for the period of delay and later it will also not be eligible for revise return.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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26 November 2014 Then return will have to be filed again as belated return if ITRV not submitted within 120 days.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2014 thank u

please tell me consequences if would not revise the return as there not matter of tax payable will be arise by ommission of fd interest 4300

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 November 2014 There will not be any issue but still advisable to make the correction.

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