Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Happy to Learn (Pursuing CA)     01 October 2020

Income tax revise return

An Assessee has filed ITR 4 for the AY 2020-21 but he want to revise the return and file ITR 3,

1. What are issue that Assessee would possibly will face ?  



 6 Replies

sabyasachi mukherjee

sabyasachi mukherjee   01 October 2020

First request for rectification of errors.
second the assesing officer approves it sends a notice.
third the assesse files a revised return.
1 Like
suraj

suraj (Student CA Final )     01 October 2020

If your return for AY 20-21 is not processed,then you can revise your return and file itr 3.No need to wait assessing officer approval.Login to income tax you can check whether your return is processed or not
1 Like
Happy to Learn

Happy to Learn (Pursuing CA)     01 October 2020

Happy to Learn

Happy to Learn (Pursuing CA)     01 October 2020

Originally posted by : suraj
If your return for AY 20-21 is not processed,then you can revise your return and file itr 3.No need to wait assessing officer approval.Login to income tax you can check whether your return is processed or not

ITR 4 is presumptive scheme so if i file revised return with ITR 3 does it will be considered as if im opting out from presumptive scheme ?

Sagar Patel

Sagar Patel (Tax and Business Consultant)     01 October 2020

Why you want to revise ITR ?

Just filing ITR 3 doesn't mean you opt out.
But if shown your business income under Presumptive Taxation earlier and now, filing under regular scheme (non- presumptive basis) than it's considered as opt-out.
1 Like
Happy to Learn

Happy to Learn (Pursuing CA)     01 October 2020

Originally posted by : Sagar Patel
Why you want to revise ITR ?Just filing ITR 3 doesn't mean you opt out.But if shown your business income under Presumptive Taxation earlier and now, filing under regular scheme (non- presumptive basis) than it's considered as opt-out.

This is the 1st year filing ITR. He want to revise the return bcoz he want to show all his balance sheet and P&L item exhaustively.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading
Start a New Discussion

Popular Discussion


view more »







Subscribe to the latest topics :
Search Forum:

Trending Tags