rectification u/s 154
This query is : Resolved
Pradeep Patidar
(Querist)
25 January 2017
Which matters are eligible to rectify u/s 154. can I revise my itr 5 from loss of 27000 to profit of 50000. I filed my return after due date I.e. belated return.
sanjeev kumar goel
(Expert)
25 January 2017
Under section 154 you can not revise your ITR. Moreover belated ITR can never be revised. Under section 154 of IT Act only those matters are covered where there is a mistake apparent on record so that the mistake may be rectified. It does not mean that if there is a mistake in ITR then ITR can be revised under section 154. Rectification application may be moved by the assessee as well as by the department who ever notices the mistake on record. Mostly matters like wrong tax calculations or mismatch of tax credits or deductions claimed etc are rectified under section 154.
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Pradeep Patidar
(Querist)
27 January 2017
instead of revise.. can I rectify my belated loss return of -27000 to in profit of 50000.
Dhirajlal Rambhia
(Expert)
19 October 2021
Sec. 154 is applicable to rectifying any mistake apparent from the record , not for changing data of ITR.
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