12 January 2015
An assessee who has filed retun for AY 2012-13 within time limit has erroneously not paid the full tax liability to date. Department has raised a demand for the balance amount. However, the assessee realises omission of Loss from house property to be included in the IT return when originally filed. Can the demand raised be nullified by submitting a revised return now. Is it possible to file revised return which is time barred?
12 January 2015
Expert Tushar needs to read the question carefully. It is clearly mention that " An assessee who has filed retun for AY 2012-13 within time limit". So 1 year from the end of assessment year has already expired on 31.03.2014. So revised return is not possible whether its filed before due date or after due date.
Suma as stated by you the revised return is time barred and therefore you cannnot file the revised return u/s 139 (5). You need to resort to section 154, request for rectification.
13 January 2015
Expert sanjay needs to read the query properly that in first line suma have clearly mentioned
"An assessee who has filed return for AY 12-13 WITHIN TIME LIMIT HAS ERRONEOUSLY......"
CANT you read this and asking me to read properly??????
that is why when the heading is saying revision after due date and 1st line says return filed in time for ay 12-13 ...so the confusion arises here itself??????doesnt it????? or shall i have to prove it more????????
even the last line says its time barred again adding to confusion so i had asked for date of filling itr so wat is wrong if i m asking clarification for same from querist?????
if itr is filed within the statutory time limit as mentioned in section 139(1) then it can be later revised.
13 January 2015
Why are you always so confused dear?
Yes Tushar the first line reads "An assessee who has filed return for AY 2012-13 within time limit."
Now I come to last line of your above reply (Please don't modify now), it reads "if itr is filed within the statutory time limit as mentioned in section 139(1) then it can be later revised.". So you mean to say if filed within due date return of AY 2012-13 can be revised now?
Now I reproduce the provision of Section 139(5) for your kind information. It reads "(5) If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier".
Now read the last line of Suma's question, it reads "Can the demand raised be nullified by submitting a revised return now. Is it possible to file revised return which is time barred?"
Since the question over here is regarding AY 2012-13. 1 year from the end of Assessment year is 31.03.2014. Suma is asking about the possibility to file revised return on 12.01.2015. And you are asking the date on which the return was filed????
Is the date of filing of return relevant here, that too when it is clearly written (refer 1st line of question) that it was filed within due date?
Will the answer to the question be any different whether the date of filing of return of AY 2012-13 is 31.07.2012 or 31.07.2013??
Simple question being asked over here is whether the return of AY 2012-13 can be revised now?
Now the heading says revision of return after due date which means that 1 year from the end of relevant assessment year (which is AY 2012-13) has expired so can the revised return be filed now. It is also evident from Suma's last line which say the revised return is time barred.
Dear Tushar rather than getting angry at me try to learn from your mistakes. You can go and ask anyone whether your question had any relevance in the context of given question. you will get the same reply which you have got from me i.e., Please read the question carefully.
Rest is upto you whether to learn from the mistake or being stubborn and continuing to make mistake.
CAclubindia
