Revised return

This query is : Resolved

Ravi (Querist)
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25 September 2011
Dear Sir,

My friend has online filled his income tax return ( ITR4 ) on 31-7-2011. At that time he has not mentioned the TDS deducted by his bank on the fixed deposit interest. However he has mentioned the interest amount in his income under the head Income from Other Sources.

Now after verifying 26AS online, it is noticed that the bank has deducted TDS of Rs2100 during the year which was not intimated to the assessee.

Should we file revised return and mention the TDS ? There is no tax liability for this year due to investments. In that case can the TDS be refunded ? please advise.

Also advise if there is any penalty for this.

thanks in advance

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 September 2011 If the assessment year is 2011-12, file revised return and seek refund.

Ravi

Ravi (Querist)
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25 September 2011 Thanks for the immediate reply. Yes the AY is 11-12 so we will file the revised return as soon as possible.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 September 2011 You can file the revise return u/s 139(5) as the original return was filed u/s 139(1) within specified due date. You will get the refund and also there is no penalty.

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