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IT return u/s - 139(4)

Vikky Vasvani (Executive -Accounts & Finance) (321 Points)

20 September 2011

Dear All ,

Belated Income Tax Return ( u/s-139(4) ) Cannot Revise , Say if a Person submit IT return after due date 31/7 as profit2 Lacs under PGBP (non-Speculative) head later he knows there is Loss of1 Lacs in PGBP(non-Speculative). He cannot revised the IT Return for Claiming Loss u/s 139(3). But if at time of Return He shows Profit PGBP2 Lacs & Later he knows Profit of5 Lacs in PGBP . then what is procedure in Income Tax Act.

Please do the needful.

Regards,

Vikky Vasvani

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10 Replies

(Guest)

If that income has been left out bcs of some some error tahn u can consider to rectfy the same u/s 154 which is rectification of mistake.

ashish gupta ( student) (1922 Points)
Replied 20 September 2011

I dont think there is any provision in the act to cover this situation.

Practically you may file a revised return stating the income as 5 lacs and IT Dept shall serve the notice u/s 143(2) to assessing the liabiloity.

CA SOURAV KUMAR GANDHI (B.com (H), CA ) (133 Points)
Replied 20 September 2011

According to Sec 139(5) of the Income Tax Act, 1961 a return filed under sec 139(1) i.e. within due date or in response to notice u/s 142(1)(i), can be revised within 1 year from the end of the relevant assessment year or upto the date of completion of assessment u/s 143(3).

From the above reading it is clear that a return can be revised u/s 139(5) only if it is filed within due date. Hence a return filed after due date cannot be revised

Thanks

Sourav

Rajagopalakrishnan R (PARTNER) (1417 Points)
Replied 20 September 2011

If it is imperative that the return must be amended to reflect the 5 lakhs income, then it would be better to go ahead and file the return. The department can take cognisance of the same and issue notice u/s 148 and porceed to complete assessment under 147 read with 143(3). This will regularise the income. Of course there is a mild risk of exposing yours elves to penalty proceedings u/s 271(1(c) of the act for concealment of income. but u can argue that the new return was also voluntary. Care should be taken not to file another (third return) when the department issues a notice under 148. But u should state that u have filed a return on so and so date and that return should be treated as filed in response to notice under 148.

1 Like

N.Ramachandran (Manager - F&A) (65 Points)
Replied 21 September 2011

is there any chance of extension of 30th Sep deadline? having some complicated accounts

ASHISH SHARMA (ARTICLE ASSITANT) (22 Points)
Replied 21 September 2011

i agree with pooja assessee can file an application u/s 154 for rectify the mistake i.e. rectification of mistake apparent from record

lokesh kvgb (officer - Advances - Appraisals) (27 Points)
Replied 29 September 2011

While efiling the tax returns for 2011-12, I had used ITR-2 instead of ITR-1 ( without Home Loan intersts) . Now should I efile ITR1 again PLZ let me know

ASHISH SHARMA (ARTICLE ASSITANT) (22 Points)
Replied 29 September 2011

lokesh if u didn't claim home loan interest and if u have filed ur return within due date then u can file a revised return otherwise u can go for rectification of mistake

Mayank Ahuja ("Learner") (586 Points)
Replied 03 October 2011

@ ashish & Pooja....

How can 1 apply for rectification u/s154 thru online Mode.. I maen we have filled an online Return..

Whats d procedure for same.. & Do look at my below case & provide me remedy fr same

Thanks

Mayank Ahuja ("Learner") (586 Points)
Replied 03 October 2011

We have filed an Ind/l Return (ITR-4) for A/Y 11-12 as on 1.9.2011 (whose books of a/cs r not get audited). Therefore its a belated return. While filing a return, we skipped to fill details of Self Assesment Tax under respective column, due to this in Acknowledgemnt (ITR-V ) Tax Payable is showing though we have deposited tax into govt a/c, we have challan copy as an evidence. Now my query is how to rectify such a mistake ?

1) As its belated return therefore no provsion for revised the said return.

2) While talking with Gurgaon Help Desk one of the executive said revised it under sec.139(5){ it means we need 2 show that we have recvd notice u/s 142 dats why we are revising our return, but in Actual we have not recvd such notice.} Is it correct to revised under said section?

3) Can we send Acknowledgemnt Copy (which showing Tax payable amt) with Challan copy enclosed, will it be considered as valid return ?

Acknowledgemnt Copy is still to send to Bangalore

Pls give ur valuable comments, If any1 faces this problem practically. Thanks