Revising of Time Barred Returns
This query is : Resolved
Quick Summary
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.
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.
03 March 2020
Try rectification option.
Else visit the income tax office and revise the return Manually
03 March 2020
Rectification option not available for such omissions.
Manual filing of revised return not possible once return is filed online.
Manual filing of revised return not possible once return is filed online.
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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