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Income tax of revised return

Sunil Jadhao (Service) (233 Points)

20 December 2021

Respected Expert,I filled return for A.Y.2021-22,and received refund also.Now I want to revise my ITR with increased saving bank interest (other income).But IT portal consider my return as fresh return because it shows refund for me.(Actually I paid 52000/- as advance tax & income tax was 47790 after releif 89,And I got refund of 4210/.Now increased tax is 51647/that means I have to pay 3857/as tax).Please guide me with your valuable opinion.
Thanks in advance.

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16 Replies

CA Raj Doshi (Practising CA) (8862 Points)
Replied 21 December 2021

File revised return ( with lesser refund claim than the original return ) without paying any more tax. Once return is processed, demand will get generated and you can pay off the same.

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Sunil Jadhao (Service) (233 Points)
Replied 21 December 2021

Thanks Sir,

jagdish chhugani (engineer) (736 Points)
Replied 22 December 2021

Once 143 1 order is passed, you can not revise ITR, only rectification under 154 , now you can submit rectification under offline writed data correction where you can not add new income or deductions.

In your case wait till on line rectification starts, now tab is not available or you forget paying more taxes as order already passed and you got refund also.

From next AY 22-23 you won't be able to do mistake as new AIS form it will calculate all and prefile Jason ITR form you will get all details prefilled off line and on line filling.

AIS form will replace 26AS it will show fix intrest, saving intrest, shares and MF traded, devident received, Taxes paid etc.

all transactions where you are linked with PAN.

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jagdish chhugani (engineer) (736 Points)
Replied 22 December 2021

https://youtu.be/af1ugMezmjs

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sabyasachi mukherjee (26403 Points)
Replied 23 December 2021

Have you received any notice pertaining to return filed.

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CA Raj Doshi (Practising CA) (8862 Points)
Replied 23 December 2021

Since income is increasing, file a revised return voluntarily. Rectification is not possible.

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jagdish chhugani (engineer) (736 Points)
Replied 23 December 2021

How one can file revised return after 143 1 intimation is received this can be rectified under 154 read in order, as on now under offline mode any new income or deductions are not allowed. So this looks it will work for mismatch, mistakes in TDS, IT , other mistakes.

So did any one filed ITR under 139 5 in normal way like you filled ITR 139 1 after order 143 1 is passed?

May be possible under on line rectification.

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CA Raj Doshi (Practising CA) (8862 Points)
Replied 23 December 2021

Sec (5) If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Dear Sir,

Please check above and let the querist know if there is a restriction on revised return filing if 143(1) intimation is received.

I have already filed more than 10 revised returns for various clients even after receiving 143(1)

Further, anyone can file a revised return within the time limit as specified in the section which is independent of 143(1) intimation getting received or not

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jagdish chhugani (engineer) (736 Points)
Replied 23 December 2021

Mr. Sunil

Try to file under 139 5 normal way as fresh if it accept then new order will be passed where you get demand after adjustment of Refund, pay on line and submit response under demand fully paid.

If you pay before filling return , may be return not accepted, then money stands in 26AS 21-22

I just tried portal allowed me to fill revised ITR 2 after 143 1 but don't know finally this will be accepted or not.

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jagdish chhugani (engineer) (736 Points)
Replied 23 December 2021

Good

Tell me offline data correction rectification not accepting 139 5 accepting only 139 1 since I filled 139.1 before , more it calculate intrest and 10000 penalty.

Another case 139 5 and again 139 5 here no penalty or intrest added.

So if I file with penalty , do new order will be based on penalty and intrest or they just correct data only.

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Sunil Jadhao (Service) (233 Points)
Replied 23 December 2021

I am very much thankful to all expert who give me their valued opinion. As discussed above I filed my revised return u/s 139(5) and after verifying it, it was immediately processed & I got intimation 143 (1) with demand of surplus income tax and gives link to Challan 280 for filing surplus income tax. And I deposited that surplus tax. Now waiting to populate it on 26AS.I do not got any rectification notice before filing revised return.

Now please tell me what to do next.

Thanks to all esteemed expert.