Clarification for filing revised tax returns (Income Tax)

This query is : Resolved

Ganesh

( Author )
26 March 2012

Hello. I have a query on expenses which was accounted wrongly in the previous FY 2010-11

A company has ordered for some office furnitures from an interior decorator & designer. These furnitures (computer tables & chairs) are also part of the interior designing work carried on by the decorator.. After finishing the work he has billed the company for rs 200000 out of which Rs 125000 is for office furniture & 75000 Rs is for decoration work. The company instead of debiting Rs 75000 to P&L & treating Rs 125000 as an asset has erroneously debited Rs 200000 to P&L Account. Thus profit was calculated and the tax returns has been filed for the PY 2010-11. After filing the returns they noticed that they have omitted to include some other expenses in P&L. So they revised the P&L account & then filed a revised tax return. Even in that revised return they didn’t capitalize Rs 125000…..

Now how this problem can be solved ? Do we need to file revised returns for previous year 2010-11 once again? Or is there any other way to rectify this error?

Yogesh Agarwal

( Expert )
26 March 2012

Yes Return can be revised even if it is already revised earlier.

Ganesh

( Author )
27 March 2012

thank you sir... but then they have already received the intimation under section 143(1) for the revised filing made. So can we file revised returns even after receiving the intimation?

Siddhartha Bhardwaj

( Expert )
28 March 2012

Yes the revised return can be filed even after receipt of intimation u/s 143(1) because 143(1) is NOT an assessment.

Ganesh

( Author )
28 March 2012

thank u sir

Siddhartha Bhardwaj

( Expert )
28 March 2012

You are welcome. You should use the thanks button to convey your thanks.

C A S.S.Agarwal, M.Com.,LL.B,

( Expert )
29 March 2012

In case the original return was filed in time as permitted u/s 139(1) then only you can file a revised return till assessment is completed. Returns can be revised any time before completion of the assessment and there is no bar in any numbers of revised return. The question speaks of non inclusion of certain thing I think the accounts are audited and the auditor must of have certified the figures. The big question is that the accounts are passed in AGM if it is a Pvt. Ltd or Ltd. company then can the account be revised?

Ganesh

( Author )
01 April 2012

@ Agarwal sir.... sorry sir... its not a company... its an LLP.... Moreover since their turnover is just 10 Lakhs they do not require auditor