Revised Return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2010 I want to know the rules related to revised return in case of company on following:
1. last date of filing revised return
2. proceduure of filing revised return
3. in case of last date is passed, what is the way to get the refund according to currect calculation
4.any other tyhing i should keep in mind when filing revised return

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 September 2010 Revised Income Tax Return

Revised Return [Section 139(5)]

What is Revised Income tax Return? Who is eligible to file revised return?

Any person who has furnished his return,

*Within the time allowed, or
*In response to a Notice under section 142(1)

discovers any omission or any wrong statement therein, he may furnish a revised return at any time

*Before the Expiry of One Year from the end of the relevant assessment year, or
*Completion of Assessment whichever is earlier

Note: -

*A Loss Return can be revised, as a return filed under section 139(3) is treated as return filed under section 139(1).

*Belated returns filed under section 139(4), is not explicitly covered by section 139(5). Hence, they cannot be revised.

*However, A Return filed u/s 139(4A), 139(4B), 139(4C) and 139(4D) can be revised.

*Revised return filed u/s 139(5) substitutes the return filed or deemed to be filed u/s 139(1). Hence, any number of revised returns can be filed for the original return filed on time.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 September 2010 http://www.taxspanner.com/ts/revised-return/

You can also see this link for details.

Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2010 Dear Mr. Sanjay,

Thanks for your reply.

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