Revised return

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This query is : Resolved

MALAY DAS (Querist)

29 March 2014 dear sir
return submitted for AY 12-13 but itr-v
does not sent till date. after submission it is come to know that the return filled
some mistake. hence any wat to revise or rectified or cancelled the return and re submitted it with correction by e-filing or manually? please advise me its argent
because time is limited for AY 12-13. thanks.....

Nikhil Kaushik

Nikhil Kaushik (Expert)

29 March 2014 you can revise the return, if filed before due date, upto 31 March 2014.

if the return was filed late (under 139(4)), or where you are unable to revise the 139(1) return by 31 March, you can wait for the 143(1) intimation to be issued and then apply for rectification.

there is no provision for cancellation of return other than under the circumstances under 139(9). however, the assessee doesnt have any power to request for cancellation.

While many experts believe that the rectification can be done before 143(1) intimation is issued, I dont believe that is possible within the provisions of the act and even if such application is accepted by the department it cannot be said to have been accepted under section 154.

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MALAY DAS

MALAY DAS (Querist)

30 March 2014 dear sir
thanks....is it sure that after processed
return intimation will come sec 143(1) for rectification if found any wrong? or any
any notice will come for penalties and problem create for assessee ? because the assessee have another souses of income from business and its do not told me. in previous years he filled return
but in between he not filled return for one years and now he again for ay 12-13 filled return only claim for tds without show other business income. thanks please replies its important.

Nikhil Kaushik

Nikhil Kaushik (Expert)

30 March 2014 well if some of the income has not been shown in the tax returns, that would amount to concealment of income. So, if you have filed the original return withing due date, revise the return.

if the return was filed under 139(4), then wait for the intimation, there is nothing else to do...

separately, well the assessee has been concealing income, he should be penalized...

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