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Income tax revise return

Happy to Learn (Pursuing CA) (39 Points)

01 October 2020

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 ?

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6 Replies

sabyasachi mukherjee (26047 Points)
Replied 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 (Student CA Final ) (288 Points)
Replied 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

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Happy to Learn (Pursuing CA) (39 Points)
Replied 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 (Tax and Business Consultant) (11611 Points)
Replied 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.

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Happy to Learn (Pursuing CA) (39 Points)
Replied 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.