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Revised Return AY2006-07& 2007-08

CA Raghavender (CHARTERED ACCOUNTANT) (305 Points)

23 December 2009

Hi frends

We want revise(Company) return for the AY 2006-07 & 2007-08 due to some mistaks placed in those returns, Can we make it now ? if no wt is the procedure?

Thanks & Regads--

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5 Replies

Ram Avtar Singh (Nagari Sultanpur U.P.Delhi) (14477 Points)
Replied 23 December 2009

Revised Income Tax Return

Revised Return [Section 139(5)]

What is Revised Income tax Return? Who is eligible to file revised return?

Any person who has furnished his return,

Within the time allowed, or

In response to a Notice under section 142(1)

discovers any omission or any wrong statement therein, he may furnish a revised return at any time

Before the Expiry of One Year from the end of the relevant assessment year, or

Completion of Assessment whichever is earlier

Note: -

A Loss Return can be revised, as a return filed under section 139(3) is treated as return filed under section 139(1).

Belated returns filed under section 139(4), is not explicitly covered by section 139(5). Hence, they cannot be revised.

However, A Return filed u/s 139(4A), 139(4B), 139(4C) and 139(4D) can be revised.

Revised return filed u/s 139(5) substitutes the return filed or deemed to be filed u/s 139(1). Hence, any number of revised returns can be filed for the original return filed on time.

CA Raghavender (CHARTERED ACCOUNTANT) (305 Points)
Replied 23 December 2009

Thanks Ram Avatar singh for ur kind information.

Wt is the remedy available fr us ?( as per ur suggestion wait for Notice U/s142(1)) If there any remedy please reply

Thanks and Regards--

R!tu Ber! (Chartered Accountant) (405 Points)
Replied 23 December 2009

i too agree with the replies

Dharamraj Maurya (Article) (92 Points)
Replied 18 January 2010

Dear fndz

I am filing FY 2007-08 income tax return in FY 2009-10. Which form should i use? will it be ITR-1 for AY 2008-09 or AY 2009-10. Plz PLZ Plz Suggest.........