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Itr-v not received by cpc

Renuka (Accountant) (107 Points)

07 February 2014

Hi Experts please suggest.

When an Income Tax return for A.Y. 13-14 filled within the due date and ITR-V is not yet received by CPC my question is, Does the concerned ITO has the authority to send notice u/s 140A, 140(3) & u/s 221 to the assessee, when it was an online return and not yet processed by CPC.

please suggest

Mr. X filed his income tax return for A.Y.13-14 after due date, but ITR-V not yet received by CPC and now he has realized that he has filled a wrong income and now he wants to rectify the same,can he revised his return, as per my knowledge he is not eligible to revised the return,

Please suggest for both the matter

Regards

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1 Replies

Mihir (Wealth Manager) (5293 Points)
Replied 07 February 2014

1) After filing IT Return online, the assessee will have to send a physical copy of ITR-V to CPC within 120 days. After a month, the assessee shall receive a receipt of ITR-V on his/her email proving that CPC has received the ITR-V. Thereafter, the CPC will send an intimation u/s 143(1) showing details of the assessment, which could be correct/incorrect and showing tax payable/refund.

2) If the return has been filed after due date, the assessee cannot filed revised return.