IT return u/s - 139(4)

ITR 12198 views 10 replies

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

 

Replies (10)

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.

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.

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

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.

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

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

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

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

@ 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

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


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