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Revise return post assessment

sunil (lead) (38 Points)

23 July 2014

Hello everyone,

i have filed my 2012-2013 taxes before time (31st july 2013). But i missed to declare some capital gain due to some issues. I want to revise my tax. Can i do it now? I found someone telling me that i cant revise tax under section 139(5) if my previous year return was approved in assessment by AO (i have already recieved an acknowlegement and some refund too). Can someone please guide on the process?

Also for a foreign stock thats not listed in india, is their a difference between long term and short term gain? Or i have to pay flat 20% on capital gain?

thanks

sunil

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CA R SEETHARAMAN (CA Practice ) (145513 Points)
Replied 23 July 2014

As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. The one year time limit already expired by March 14, hence you cannot file revised return.