Wrong income tax return uploaded

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2015 Dear Sir,

On 21st,May'2015 my ITR AY14-15 was submitted online but forgot to send ITR V to CPC when I received SMS on 11th,June'2015 for non submission of ITR V I came to know that the person has wrongly submitted ITR 1 Form instead of ITR 4. I downloaded ITR 4 to revised my ITR 1 with ITR-4 and again came to know that under deduction of 'House Property'the maximum interest payable on borrowed capital is Rs.150000.00 which is taken in ITR-1 Rs.130000.00 only. Difference is Rs.20000.00. Now the situation is, I need not only to revise my tax part in ITR, I also have to revise my ITR Form. Please suggest how to do and manage. Whether should I wait until and unless CPC reject my ITR-1 Filled online in absence of ITR-V or submit request for rectification.

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)
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17 June 2015 you have to wait for the return to be rejected before you file the new return. since the return that you have filed now is a belated one, it cannot be revised until rejected.

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2015 It means revision in Tax element and ITR Form Change both if i do then will be better.
Thanks for replying Mr. Nikhil Kaushik.
One thing more i.e. (1) when CPC rejects my ITR -1 and send query to submit ITR-4, should I submit Revised one or new. (2) Is there any penalty or objection, when i revise house-property part as mentioned above in ITR-4(New/revised)

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)
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17 June 2015 it will be submitted as revised return only as online system wont allow you to submit two original returns.

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2015 and what about for (2)

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)
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17 June 2015 they can't take cognizance of the return filed by earlier. Once you file the new return, I don't see any reason by a penalty should come into picture

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2015 Thank you so much for taking initiative to reply as well.