Revised ITR

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Mahesh Bansal (Querist)
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05 March 2010 In my original ITR of A/Y 2009-10, i have disclosed the total income of Rs. 3,50,000/-. Now i have realised a mistake in my books of accounts for the F/Y 2008-09 and the correct total income comes to Rs. 4,15,000/-. My original ITR was filed within due date i.e. before 30.09.2009. Till what date can i revise my ITR? Can there be any penalty for concealment in case i am revising the ITR voluntarily?

Please Advise...

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 March 2010 Dear Mahesh,

You can file revised return u/s 139(5) on or before 31.03.2010 as your original return was filed within due date.

Any ommission wrong statement can be corrected. The benifit of filing revised return can not be claimed by a person who has initially filed a return, knowing it was false.[CIT v Badridas Ramrai Shop (19390 7itr 613(Nag)]

Mahesh Bansal

Mahesh Bansal (Querist)
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05 March 2010 Dear Sanjay,

thanks a lot for ur valuable advise.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 March 2010 You'r most welcome.

Mahesh Bansal

Mahesh Bansal (Querist)
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15 March 2010

Mahesh Bansal

Mahesh Bansal (Querist)
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15 March 2010 closed

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