Revised return u/s 139(5) & rectification of return u/s 154

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shubham soni (Querist)

31 July 2014 Please give me some practical example relating to revised return u/s 139(5) and rectification of return u/S 154.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

31 July 2014 Revised return u/s 139(5)(before assessment) can be filed within one year from the end of the Assessment year or before completion of assessment for any omission or commission or any error in calculation of income.

Rectification application(after assessment) maybe filed u/s 154 of the Income Tax Act by the taxpayer in case of any mistake apparent from the record.
An Income Tax authority may: a) amend any order passed by it under the provision of this Act b) amend any intimation or deemed intimation under sub-section (1) of Section 143. Subject to the other provisions of this section, the authority concerned, a) may make an amendment under sub-section (1) of its own motion, b) shall make such amendment for rectifying any such mistake which has been brought to its notice by the assessee.
Pre-Requisites to file a Rectification- 1. The Income Tax Return for the Assessment Year should have been processed in CPC, Bangalore. 2. An Intimation under Section 143(1) OR an order under Section 154 passed by CPC, Bangalore for the e-Filed Income Tax return should be available with the taxpayer. 3.For Electronic returns filed and processed at CPC, only online rectifications will be considered. 4.If the refund arising out of return processed at CPC is adjusted against the demand of other Assessment Years and then the assessee is challenging the demand itself, in that case .

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