Revising of Time Barred Returns

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A doctor failed to declare substantial income from a hospital partnership between AY 2016-17 and AY 2019-20. While AY 2019-20 can be revised, there's no straightforward option for AY 2016-17 to AY 2018-19. The undisclosed income exceeds £15 lakhs per year and wasn't wilful. The client is now willing to pay the taxes due.

CA Sumit Ramesh Bharadia

CA Sumit Ramesh Bharadia (Querist)

03 March 2020 In case of one of my New Client, Doctor by Profession, Certain Issues have been observed:
He has Basically 2 Sources of Income:
1. Income from Partnership Hospital(Remuneration, Interest & Profits) from AY 2016-17
2. His Own Practice.

From AY 2016-17 to AY 2019-20, He has never shown any Income from Hospital(Amount is Substantial)
As for AY 2019-20, we have option to Revise Return u/s 139(5)
But for AY 2016-17 to AY 2018-19, there isn't any such option.

The Income Undisclosed for each AY is More than Rs. 15 Lakhs. This was not wilful.
They are now ready to pay Taxes.

What is the Recourse for AY 2016-17 to AY 2018-19? And the Risk Associated with it.

Eswar Reddy S

Eswar Reddy S (Expert)

03 March 2020 Try rectification option. Else visit the income tax office and revise the return Manually

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 March 2020 Rectification option not available for such omissions.
Manual filing of revised return not possible once return is filed online.

VIJAY KUMAR

VIJAY KUMAR (Expert)

03 March 2020 Dear Sumit, There is no provision of revise or rectification to change the data/income in income tax return once it is processed. You may contact the Assessing officer who may allow you to file fresh manual returns, however in my view interest and penalty shall follow along with the applicable tax.

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