ITR Filing
This query is : Resolved
10 June 2010
I have filing ITR-2 instead of ITR-1 as my income was from 1) Salary 2) Loss on HP (no carried forward loss) 3) other income .
Will there be any problem for that or should I revised the return with ITR-1
Please suggest
Will there be any problem for that or should I revised the return with ITR-1
Please suggest
Aditya Maheshwari
(Expert)
10 June 2010
No problem. No need to revise.
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CMA Ramesh Krishnan
(Expert)
10 June 2010
Filing return through using wrong ITR is invalid return. you inform the ITO and file correct ITR.
10 June 2010
Since the return of income in ITR-2 is ,in substance and effect,filed according to the intent and purpose of the Act, it cannot be treated as an invalid return. For further details pl refer section 292B of the Income tax Act,1961.
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CMA Ramesh Krishnan
(Expert)
10 June 2010
Dear Sir.
Plesae explain. selection of wrong ITR also is covered Mistakes under sec.292B?
Plesae explain. selection of wrong ITR also is covered Mistakes under sec.292B?
Aditya Maheshwari
(Expert)
10 June 2010
Dear Ramesh
It is mentioned in the ITR forms that XYZ form be used for pqr income.
But where it is not mentioned that the forms cannot be used if the income as mentioned are covered.
It is mentioned in the ITR forms that XYZ form be used for pqr income.
But where it is not mentioned that the forms cannot be used if the income as mentioned are covered.
10 June 2010
Ramesh Krishnan Ji
A return in an inapplicable form doesnot render the same as invalid.
Citations:-
1)Dhampur Sugar Mills Ltd Vs. CIT (1973) 90 ITR 236(All).
2)CIT Vs. Royal Textiles 120 ITR 506(Mad).
Coming to section 292B ,the Mumbai ITAT has examined the rationale behind the section. They said, substance over form is the idea behind
the section. If the substance is O.K, form has no relavance.
So let me conclude that my understanding on the issue is correct and my earlier answer needs no correction.
A return in an inapplicable form doesnot render the same as invalid.
Citations:-
1)Dhampur Sugar Mills Ltd Vs. CIT (1973) 90 ITR 236(All).
2)CIT Vs. Royal Textiles 120 ITR 506(Mad).
Coming to section 292B ,the Mumbai ITAT has examined the rationale behind the section. They said, substance over form is the idea behind
the section. If the substance is O.K, form has no relavance.
So let me conclude that my understanding on the issue is correct and my earlier answer needs no correction.
CMA Ramesh Krishnan
(Expert)
10 June 2010
Thank you sir,Agreed
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