Invalid Return

I have filed my return for ay 18-19 before due date and I am exempt u/s10(26). but my return was got defective due to turnover limit exceed 1 crore as because I have quoted my income in schedule EI under exempt income head.
but later I have submitted revised return showing my income in gross profit column which exceeds 1 crore.

on 14th Feb 2020 my return become invalidated due to not audited. I fall u/s 10 (26) of it act 1961.

plz help to get back my ferund.
Replies (2)
Quick Summary
This discussion addresses an individual who filed their tax return under Section 10(26) exemption but faced invalidation due to exceeding a turnover limit and not filing an audit report. Despite filing before the due date and correctly quoting exempt income, the return was deemed defective. The user is now exploring a condonation request under Section 119(2)(b) to refile their return and potentially recover their refund, acknowledging the low chances of success but seeking guidance on the process.

Now there are no other option left, but to file condonation request to file return u/s. 119(2)(b) IT act, with your Ward JCIT/ IT officer.

Chances are very less, but if permitted you can refile return...

Filing ITR is mandatory. Filing Audit report is also Mandatory. Both this required to continue recognition under 10(26).

You write a letter requesting AO about the situation you are in and remedy.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register