Revised return

Tax queries 873 views 2 replies

Suresh

Employment

34 Points Posted on 13 August 2012

Dear Experts,

Can Revised Return be filed in the following situation?

1) Assessee company filed the returns u/s 139(1) with in the due date prescribed.

2) For the AY 2009-10 Income Tax Return came for assessment and subsequently went to CIT Appeals

3) In the CIT appeals, increase in the Fund(liability) treated as Income.

4) Since AO and Commissioner treated this increase in fund account as Income the assessee company would like to revise the returns for the subsequent AYs 2010-11 and 2011-12 and claim the decrease in fund balance as an expenditure as fund balance came down to zero.

5) Due date for the AY 2010-11 (ie., 31st march 2012) is already over can Assessee company revise returns for the AY 2010-11?

Replies (2)

CA. Subhash Dangi

Chartered Accountant

1784 Points Posted on 13 August 2012

Time period for filing revised return U/s 139(5):

Before the expirty of one year from the end of relevant assessment year or before the completion of asseeement, whichever is earlier.

In your case the due date i.e, 31.03.2012 for the AY 2010-11 is already expired and therefore U can not file revised return for the same since it is time barred.

Member

Management

325 Points Posted on 14 August 2012

A revised return filed now will be treated as non-est for the AY 10-11. However, you can file a letter with the Assessing Officer asking for modification of the income in the subsequent years, which he is bound to do. Or better still, file an application for revision under Section 264 by the Commissioner.