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Revised return

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(Querist)
17 October 2012 Can we file Revised return by Changing ITR from Form I to Form -IV i.e salary to Business return? And what are the possible consequences? I think it can be done but I dont know that,whether ITO can add penalty for concealing income?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
17 October 2012 Yes you can revise the return. However since the income in the revised return will be higher than that in the original return, it amounts to concealmeant of income and penalty u/s 271(1)(c) may be levied.
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CA.Vinita Gupta

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CA.Vinita Gupta (Expert)
17 October 2012 Revised Return steps in the shoes of original return. I dont think that Penaty leviable is justifiable just because the Head of Income is changing. The Original Return becomes invalid after the filing of Revised Return
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