Time limit for revised return

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Mani (Querist)
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30 April 2013 Dear expert,
A return filed for AY-2102-13, FY-2011-12, on 30/03/2013, can we revise that return. There are some more income to be added. Can I be able to file revise return.

If yes what's the time period.
If no then what will be suitable solution for that.

Thanking you

Deepak Agrawal

Deepak Agrawal (Expert)
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30 April 2013 You can revise the return during the 1 year from the end of assessment year. Thus, in this case 1 year from the AY 12-13 ends on 31 March 2014. Thus you can revise the same till 31 March 2014 anytime/many time.

Mani

Mani (Querist)
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30 April 2013 Sir but I have filed on 30/03/2103 so that won't be called belated return is it.

Deepak Agrawal

Deepak Agrawal (Expert)
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30 April 2013 Yes, it is belated but as per my opinion it can be revised within the time limit of 1 year from the end of assessment year relevant to financial year it pertains(not the assessment year relevant to financial year in which it is filed).

Mani

Mani (Querist)
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30 April 2013 Sir, but as rule says belated return can't be revised, so I am confused in this whether to file a revised return or no.

Deepak Agrawal

Deepak Agrawal (Expert)
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30 April 2013 U r right. but i will let u know the practical aspects/solution to this.

Mani

Mani (Querist)
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30 April 2013 Ok sir, please help me out for this solution.
Thanking you

Deepak Agrawal

Deepak Agrawal (Expert)
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09 May 2013 Yes. Belated return can not be revised also as per Supreme Court judgment in case of Kumar jagdish Chandra Sinha (1996)220 ITR 67.

However, one solution can be applied under section 154 of the Act, in which the assessee can file rectification letter to the assessing officer specifying the mistakes to be rectified in the return.

Explanation (b) to section 143(1) provides as under:

"(b) the acknowledgement of the return shall be deemed to be the intimation in a case where no sum is payable by, or refundable to, the assessee under clause (c), and where no adjustment has been made under clause (a)."

Thus, in certain circumstances, the Acknowledgement of ITR (ITR V)can also be deemed as intimation u/s. 143(1), which is eligible to be rectified u/s. 154.

Section 154 (1)(b)provides as under:

154.[(1) With a view to rectifying any mistake apparent from the record an income-tax authority referred to in section 116 may,—
(a) *****
[(b) amend any intimation or deemed intimation under sub-section (1) of section 143;]]

Thus, better course of available action is to file rectification letter with the AO by specifying and justifying the facts to be modified/rectified.

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