I was filled a income tax return of a firm is nil due to some mistake. But in actual that is a taxable return. Also return was filled after due date. Now what should be do now.
Thanks for the query, happy holi.
Now,
Before all pay tax ASAP with all due interests etc.
1. Check whether ITR falls under section 139(9) which is defective return there are defects specified but that is only an illustrative list, if so, thn plz contact your AO in this regard so as to remove tht. Although I think this I not your case.
2.Coming to sec 139(4),(5) it is clear that revision is not possible.
3. Ref. sec. 154 def. of Mistake and see if your situation does fall under sec.154, if so, you can file Rectification request against intimation.
4. Sec. 263 may also be studied to see if the case falls there and CIT can revise order made.
This is a mistake which we wish to crct for the benefit of revenue thus there should not be much problems else procedural issues as to how to fit in revision within the pre specified procedure. Thus I feel it is best to go for direct communication with AO, but certainly before paying all the legitimate dues.