How can return for ay 2018-19 be revised after 31/03/2019?

This query is : Resolved

Arpan Nayak (Querist)
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10 July 2019 Hello Learned fellows.

I had filed ITR-3 for AY 2018-19, showing 72 years old assessee''s FD Interest income, Partnership Interest, Partnership Salary and Share of Profit from the firm, on 23/07/2018. Very lately I realized that I should have filed ITR-2 for a partner and not ITR-3. But that was already late, and the last date for even revising the return i.e. 31/03/2019 already lapsed by then.

Last month I received notice u/s 143(1) wherein the department rejected the Claim of Exempt Profit share and added it back to the Income from B&P and thereby demanded a good number of tax. Notice also contains that some amount of TDS is a mismatch, however, Form 26AS is not showing any such mismatch even as on date. It should be noted that Original return contained the amount as per Form 26AS only and not otherwise.

Some questions are important for me to know and understand.

1. Can return be revised/rectified by choosing different ITR-2?
2. Whether rectification U/s 154 should be invoked just because the original return still shows TDS amount as per Form 26AS, whereas Department denies this amount calling it mismatch?
3. Whether Showing of profit share from firm, will reduce the taxable income?
4. Can rectification u/s be invoked by challenging Department's view for Mismatch of TDS against Form 26AS?