A person filed ITR-1 for AY 2014-15 showing his income wrongly under "Income from other sources" whose income was below taxable limit. But he wants to rectify his income head from "Income from other sources" to "Profits & gains from business & profession. He has already sent his acknowledgement ITR-V to CPC. Is it possible to revise his return for AY 2014-15?
Thanks in Advance
Yes, Ofcourse you can revise the return already file even if you have sent the ITR - V.
Sec 139(5) deals with this situation.
If you have filed a return and subsequently you realise that there was any mistake or ommission, then you can revise the return already filed.
Revised return makes original return null and void. it means, once you filed revised return , there will not be any effect of original return. actually revised return replaces original return.
Secondly Belated Return can not be revised.
Note : - Time limit to revise the return of AY 2014-15 is 31.03.2016 (one year from the end of AY).
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