Itr filed as public company instead of private company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2016 i have filed ITR-6 wherein i have selected in the type of company as public instead of private.
should i file revise return?
is there any other option other than revise return because the only change is from public company to private company

Sandeep Dharar

Sandeep Dharar (Expert)
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07 October 2016 Yes u must revise the return, if the return is filed withing due date of filing the return.

Anonymous

Anonymous (Querist)
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07 October 2016 sir what if I don't revise the return because chances of scrutiny increases in case of revised return

Asha Kanta Sharma

Asha Kanta Sharma (Expert)
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02 August 2024 If you've filed an ITR-6 as a public company instead of a private company, you should take steps to correct this error. Here’s how to handle this situation:

### **Steps to Correct the Filing:**

1. **File a Revised Return:**
- **Mandatory Correction:** Filing a revised return is the correct and mandatory approach. You need to correct the mistake and file the return as a private company.
- **Process:** Log in to the income tax e-filing portal, select the option to file a revised return, and correct the error by selecting the correct type of company (private) in ITR-6.

2. **Potential Scrutiny Concerns:**
- **Minimize Issues:** While filing a revised return may increase the chances of scrutiny, it's essential to ensure accuracy and compliance. The correct option will help avoid issues with tax authorities in the future.
- **Maintain Proper Documentation:** Keep all records and documentation related to the revised return to provide evidence if needed.

3. **No Alternative Options:**
- **No Other Option:** There is no alternative to revising the return if the type of company was incorrectly selected. Tax returns must accurately reflect the entity's nature and type.

4. **Implications of Not Revising:**
- **Future Compliance:** Not revising the return can lead to discrepancies in the tax records and potential issues during audits or reviews.
- **Possible Penalties:** If the mistake is discovered during scrutiny or an audit, you might face penalties or additional scrutiny.

5. **Revised Return Benefits:**
- **Accuracy:** Ensures that all details are correctly represented and avoids future complications.
- **Rectification:** Provides an opportunity to correct the mistake and file accurate information.

### **How to File a Revised Return:**

1. **Log In:** Access the Income Tax e-filing portal.
2. **Select Revised Return:** Choose the option to file a revised return.
3. **Update Information:** Correct the type of company from public to private.
4. **Submit:** Complete the filing process and submit the revised return.

### **Conclusion:**
While filing a revised return might seem like a hassle, it is necessary to ensure that your tax return is accurate and compliant. The potential risk of scrutiny is outweighed by the benefits of maintaining accurate records and avoiding complications in the future.

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