Revised return

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jay (Querist)
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15 April 2012 Respected Experts

I want to know that what is the time limit for revised return.we filed our income tax ereturn for f.y. 10-11 in may 2011.our taxable income after deduction of 80C is rs. 158900/- and we also received the intimation u/s 143(1) by department and there is nil assesment order passed in the month of september-2011. but now we noticed that the tds rs. 3000/- deducted by bank from interest for f.y. 10-11 we not claim in our income tax return for f.y 10-11. so now we want to know that can we filed revised income tax return for f.y.10-11 for claim our tds rs.3000/- and we also want to know there is any penelty payable to revised return.?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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15 April 2012 Those who filed their income tax return with in the due date specified in the section 139(1) are eligible to file the revised return. So i glad to inform you are satisfied the condition to the revised return so you are eligible to revise the return but the question is what is the time limit to revise the return.

TIME LIMIT FOR REVISE RETURN SUBMISSION:

Revise return should be submit with in the one year from the completion of the such assessment year or before the completion of the assessment.

so time to you to revise return for the f.y 10-11 is 31-3-2013. I.e assessment for such year is 11-12 i.e ending of the assessment year is 31-3-12 and one year ending from the end of the assessment is 31-3-2013.

So in one word you are eligible to revise the return and also you have time to revise the return.

Note: 143(1) intimation is not the assessment order. I think now a days this order not issuing by the department.

So i suggest you file the revise return with the revised figures(income) and claim TDS. and no penalty would be charge for revise return it also like original return if the first above said condition satisfied.

You should be file revise return also through efiling(ereturn).
OM SAI SRI SAI JAI JAI SAI

jay

jay (Querist)
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16 April 2012 Thank you very much sir for your advice.

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