REGARDING REVISE ITR

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2011 Sir, I am prop. of transport firm and I have filled my ITR online on 15.10.10 after getting the audited Balance sheets.Sir, I have 4 trucks in my own name. which income, I have not shown in my ITR by mistake. pls advise me in this regard. I have not sent ITR-V after sign to the deptt. till date.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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04 May 2011 For revising the return, it was supposed to be filed on 30.09.2010 or before. As such you can not file Revised Return.

However, please clarify whether the said trucks can be shown as used in the own transport firm ?

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Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2011 thanks to consider my query. Sir, the date of filling ITR was extended upto 15.10.10 in audit case. in this case can I file my revise return. if it is not possible to file, please suggest me, what can I do at this stage. and regarding trucks status. I want to inform u that I have 4 trucks in my own name and I used the trucks in my proprietary business and sometimes used for hiring. can I show my income u/s 44AE from trucks in addition to business income from transport firm.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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10 May 2011 You can file a revised return as you have rightly pointed out that the due date of filling ITR was extended upto 15.10.10 in audit cases.

You can show additional income U/s 44AE for those trucks which have been sometimes used for hiring.

However, I would like to add here that you must opt Section 44AE for such trucks only , in respect of which transportation charges have been received by cheques and the said cheques have been deposited in your personal account. Other Trucks may be shown as if used in the prop. firm.

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