Save Rs 499. Go Ad-Free with CAclubindia Pro for 2 Full Years. Subscribe Now!

Fling of Revised Return for AY 2020-21

ITR Filing 472 views 1 replies

Gaurav

Vice President

61 Points Posted on 12 November 2024

Hi Members,

One of the client filed self return for AY 2021-2022. While filing return on the last date erroneously Salary income was missed while filing the return. Later on the intimation was received us 143 and the entire amount of TDS was refunded by the department.

This came to notice now, when a notice was received as part of AIS reporting, wherein finally department realised that there was salary as per 26AS but it was not reported in ITR.

The above mistake from assesse was a genuine one and it was not done to get the refund, the question now is how do we correct the mistake and file the return as the timline for belated return is also lapsed.

Is there a way where the assesse can file the return and pay off the tax as well, however if possible avoid the penalty.

Regards

Replies (1)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9615 Points Posted on 12 November 2024

To correct the mistake, the assessee can file an updated return (ITR) and report the salary income.

However, since the timeline for filing a belated return has lapsed, the assessee will need to obtain condonation of delay from the Commissioner of Income Tax. Here's a step-by-step guide:

1. File a condonation of delay application (Form 119) with the Commissioner of Income Tax, explaining the genuine mistake and reasoning for not filing the return within the stipulated time frame.

2. Pay the necessary fees for condonation of delay (currently ₹10,000).

3. File an updated return (ITR) reporting the salary income and pay any additional tax due.

4. Submit a letter explaining the mistake, and that it was not done to get the refund.