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.
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
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.
CAclubindia
