Whether belated itr can be revised
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 May 2015
whether belated ITR can be revised and also what is major drawback for filing belated return.
28 May 2015
No. Belated Income tax Return can not be revised.
Disadvantages of Belated Return:
1) You will not be able to carry forward your Business loss (Speculation or otherwise) , capital loss , loss due to owning and maintaining of race horses.
2) Return can not be revised.
3) If a tax payer fails to file his returns before the end of the relevant assessment year, then tax authorities may impose a penalty of Rs. 5,000 u/s 271F.
4) You may loose interest on refund u/s 244A specially in case if you are claiming a Major amount as refund.
Disadvantages of Belated Return:
1) You will not be able to carry forward your Business loss (Speculation or otherwise) , capital loss , loss due to owning and maintaining of race horses.
2) Return can not be revised.
3) If a tax payer fails to file his returns before the end of the relevant assessment year, then tax authorities may impose a penalty of Rs. 5,000 u/s 271F.
4) You may loose interest on refund u/s 244A specially in case if you are claiming a Major amount as refund.
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