Rectification for return

This query is : Resolved

Harpreet Singh Kalra (Querist)
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23 April 2013 One of our client filed his online ITR for Asst year 2011-12 in July 2012.
He has salray income and loss from house property(Intt on loan for self occpied propertry) in his Form 16.

Mistakenly while filing the retrun he has ommit to consider the Loss from HP part and filed the ITR with salray income only but he has taken Taxes as per his form 16 which were calcuated net of House property loss
Later on he has recived a demand letter from ITO for less deposition of Taxes as per declared income in ITR.

My questtion is that can he file recetification for ommision of HOuse property loss now and take adjsutment of his demand.

CA Krunal

CA Krunal (Expert)
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23 April 2013 File Revise Return if allowed and then reply to notice that i have filed revised return.

IF system do not allow to file revise return you have to write letter suitably clarifying this

Harpreet Singh Kalra

Harpreet Singh Kalra (Querist)
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23 April 2013 Actually my client has already got the Intimation u/s 143(1). Can he still file revised return.

If no then what can be the soultion available with us

CA Krunal

CA Krunal (Expert)
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23 April 2013 Technically no revision of return can be made as per sec.139(5).

However online return allows you to file revised return though you have received intimation.

The last option is to answer suitably to AO

Harpreet Singh Kalra

Harpreet Singh Kalra (Querist)
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23 April 2013 Is there any possiblity for rectification u/s 154

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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23 April 2013 yes Revised return can be filed if the return is filed on or before the due date
as because intimation U/s. 143(1) is not an assessment order its just an intimation not an order

or
you can File rectification application U/s. 154

CA Krunal

CA Krunal (Expert)
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24 April 2013 The issue has been discussed perfectly well in the another query raised on caclubindia.

Which says that 143(1) is just intimation and not assessment hence revised return can be filed. Further it is worth noting that if some mistake is in income tax return itself - same cant be rectified any how U/s.154.

https://www.caclubindia.com/experts/revised-return-after-intimation-u-s-143-1--766210.asp#.UXenfkqxmyo

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