ITR Filing

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Saurav (Querist)
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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

Aditya Maheshwari

Aditya Maheshwari (Expert)
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10 June 2010 No problem. No need to revise.

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 June 2010 Filing return through using wrong ITR is invalid return. you inform the ITO and file correct ITR.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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Saurav

Saurav (Querist)
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10 June 2010 Thank you sir

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 June 2010 Dear Sir.

Plesae explain. selection of wrong ITR also is covered Mistakes under sec.292B?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 June 2010 Thank you sir,Agreed

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