Mistake in filing itr

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Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2013 What are the consequences if an assessee took deduction u/s 80 C as term deposit for 5 yrs wrongly.....

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 July 2013 Deduction u/s 80C is available for Term Deposit 5 Years (Specified Tax Saving FD). If the Deposit was not eligible you can file revised return.

Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2013 But what happened if time expires for revised return then what consequences assessee have to face

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 July 2013 assessee need to pay the different tax with interest for the same and also chance if department comes to know the mistake raise the demand notice

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 July 2013 There is more chances that your return will be accepted. So wait for notice from the department. If any demand notice issued you will have to pay the Tax Amount resulting from disallowance of deduction u/s 80C along with interest. So simply wait, more chances are that you will escape with this error.

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