Filing a wrong return

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This query is : Resolved

nikhil (Querist)

19 January 2011 In case an assess( Pvt. company) files a wrong return stating that the income is Rs 1000000 and the tax their on in Rs 300000( unpaid tax) and latter after 8 months of filling the return (assuming the return was filled on 30th October)june he files the return stating that their was a loss of Rs 70000 of the same year in which he stated an income of Rs 1000000. Will the revised return be considered ,as in actual income was not Rs 1000000 but a loss of Rs 70000

Ravikant

Ravikant (Expert)

19 January 2011 You can't revise a return filed after the due date of filing.

nikhil

nikhil (Querist)

20 January 2011 their was a confusion with the income of the company. but the first return was filed on the due date. the return which was filed on the due date was again revised after the due date. and the second revised return is now again to be revised. can this be done. as the company has not earn the income still it will have to pay tax on an unearned incom

Guest

Guest (Expert)

20 January 2011 there is no restriction for filing 2nd revised return if , time for limitation U/s 139(4) is available.

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