Revised return
This query is : Resolved
03 October 2012
Dear Sir,
Suppose an assessee has filed his return for AY 2012-13 on 15 Sep. 2012 in non-audit case. Now he want to file his revised return, as deductor has added some amount in his form 26AS in the month of Sep. just after the filing of return.
Now whether the assessee can file a revised return with increase income.
Please advise me.
Suppose an assessee has filed his return for AY 2012-13 on 15 Sep. 2012 in non-audit case. Now he want to file his revised return, as deductor has added some amount in his form 26AS in the month of Sep. just after the filing of return.
Now whether the assessee can file a revised return with increase income.
Please advise me.
03 October 2012
Yes the assessee can file a revised return. However, the amount of increase may be treated as undisclosed income and penalty may be levied.
03 October 2012
Equal to the amount of tax sought to be evaded.
03 October 2012
however it is because of deductor, who credited the one entry of 1.25 lacs in the pan of another contractor and then deductor revised the tds return and the said entry came in form 26as after filing of return. Whether it will provide immunity from penalty.
03 October 2012
The fact that the deductor made a mistake does not absolve the assessee of his responsibility to declare his income correctly.
The assessee knew the amount of income he had received during the year. He should have declared the same in the return.
It is a 50-50 case. Penalty may or may not be levied. It is at the discretion of the AO.
The assessee knew the amount of income he had received during the year. He should have declared the same in the return.
It is a 50-50 case. Penalty may or may not be levied. It is at the discretion of the AO.
03 October 2012
As the original return is filed after 31 Aug. 2012, whether the department will accept revised return?
03 October 2012
Oh sorry. I did not see that it is a NON AUDIT case.
Since it is a non-audit case, and the return is a belated return, the return CANNOT be revised.
Since it is a non-audit case, and the return is a belated return, the return CANNOT be revised.
03 October 2012
According to the newly included in the form 26AS what is the date of payment. And what is your method of accounting.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
04 October 2012
paymenent date is 31 March 2012, and assessee is also now taking it fy 2011-12.
04 October 2012
You may consider the income for F.Y 2012-13 instead of F.Y.2011-12 and the TDS amount for such is also consider along with A.Y.2013-14 return of income.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
04 October 2012
I did on accrued basis. And I have file revised return and also sent the itr v of both original and revised.
04 October 2012
Okay then you already completed the task. Then wait and see what is the response from CPC. As per the section 139(5) only return filed according to the section 139(1) can be revised any no of times before the completion of the assessment process or upto one year from the end of such assessment year which ever is earlier. any return filed according to the section 139(4) could not be revise if any revise such return then it is invalid and doesn't consider as return of income filed and doesn't process. But you already done so no other way to you so wait for the process of CPC and see. If the CPC accepted your Revised return and allowed TDS credit along with the additional/new claim then happy and got benefited otherwise you should be loose such additional claim because now there is no another way or choice.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
05 October 2012
Hai vivek for your case i have an idea i think it may be useful and benefited to you. According to the our above reply it is clear your not eligible to file revised return eventhough revise return file it didn't consider but already file the revised return. If the CPC consider your revised return and assessed your income according to the revised return and allowed TDS credit and refund according to the revised return then okay and happy.
In case revised return not considered by the CPC then their is another option to you after receipt of 143(1) intimation from the CPC immediately file 154 rectification by consider as you filed the revised return income and TDS etc... with the reason of mistake by the Assessee. If want any such help to file revised return consult any of the friends or seniors etc.... otherwise please call me:08985063892
OM SAI SRI SAI JAI JAI SAI
In case revised return not considered by the CPC then their is another option to you after receipt of 143(1) intimation from the CPC immediately file 154 rectification by consider as you filed the revised return income and TDS etc... with the reason of mistake by the Assessee. If want any such help to file revised return consult any of the friends or seniors etc.... otherwise please call me:08985063892
OM SAI SRI SAI JAI JAI SAI
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