revised return

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vandana (Querist)
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12 April 2008 what are the consequences of filing a revised reurn of a tax audit file, the mistake being not claiming a part of TDS deducted due to non receipt of TDS certificates.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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12 April 2008 Consequences are that your revised return will be taken on record

R.V.RAO

R.V.RAO (Expert)
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15 April 2008 A REVISED IT RETURN OBVIOUSLY INCLUDES A TAX AUDIT REPORT EVEN IF YOU HAVE FILED THE SAME EARLIER ALONG WITH THE ORIGINAL RETURN.
IN YOUR CASE IT IS ALL THE MORE NECESSARY AS THE TAX AUDIT REPORT NEEDS REVISION.
A REVISED RETURN CAN BE FILED ONLY IF THE ORIGINAL IT RETURN WAS FILED IN TIME WITHIN THE DUE DATE.
IT IS OFCOURSE RIGHTLY PRESUMED THAT IN CASE OF MOST COMPANIES THE ORIGINAL RETURN IS FILED IN TIME IN VIEW OF CARRYFORWARD LOSSES BENEFIT WHICH ONE WILL LOSE IF RETURN IS NOT FILED WITHIN THE DUE DATE.

COMING TO YOUR QUERY,THERE IS NO REASON WHY WE SHOULD NOT CLAIM TDS BENEFIT IN THE ORIGINAL IT RETURN / TAX AUDIT REPORT, IT SELF BECAUSE THE ORIGINAL TDS CERT. CAN BE PRODUCED WITHIN TWO YEARS FROM THE END OF THE ASST. YEAR IN WHICH SUCH INCOME IS ASSESSABLE AS PER SUBCLAUSE( i ) OF CLAUSE C IN THE EXPLANATION TO SUB SEC. 9 OF SEC 139 OF INCOME TAX ACT, WHICH YOUR AUDITOR MUST BE WELL AWARE OF .

THERE ARE NO PARTICULAR CONSEQUENCES OR EFFECTS OF FILING A REVISED RETURN AND REVISED TAX AUDIT REPORT NOW BOTH OF WHICH SHOULD BE FILED .

THE TIME LIMIT FOR FILING A REVISED RETURN FOR ANY PREVIOUS YEAR UNDER INCOME TAX ACT UNDER SUB SEC. 4 OF SEC 139 IS ONE YEAR FROM END OF ASST. YEAR OR COMPLETION OF ASSESSMENT WHICH EVER IS EARLIER..

R.V.RAO

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