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Itr for ay 2017-18

Tax queries 183 views 3 replies

Dear Experts.,

A Asseessee file his ITR 4 for AY 2017-18. The return filed by a neighbour of his home. ITR filed based on loan. But, As per my view and check the Bank statement of his value is less than the ITR Value.

Actual Values are in Bank Statement Rs. 19 Lakhs and Cash Receipts like Rs. 8 lakhs. Totally Rs. 27 Lakhs....

But, In ITR the Value shown Rs. 43.15 Lakhs. and Profit Shown Rs. 475,180Tax Paid Rs. 20384 (with Int)...  

 

Can I go to revise the ITR for actual Value...? If yes

Can I show the Profit less than above....? If yes

Can I get Refund the excess paid amount...?

Is any problem in future if I revise the Value in Original to Revised...?  

 

Please give your feedback and Advice. The Asseessee is very feel about this filing... 

Read more at: https://www.caclubindia.com/forum/itr-for-ay-2017-18-476283.asp

Replies (3)

1. No need; the figure seems to be perfect as per accounting principles. 

2. No need to revise and invite any trouble........ when tax paid is around 20K in the turnover of 30 to 40 L.

3. Check the turnover based on purchases & expenses debited and not just final figures !!!

4. Better let it be processed as it is.

Thank You Sir...

Your reply is same think to me... Why we invite any trouble...?laugh I reply the same to the assessee on Yesterday...

 

Thanks once Again Sir...

Originally posted by : Dhirajlal Rambhia
1. No need; the figure seems to be perfect as per accounting principles. 

2. No need to revise and invite any trouble........ when tax paid is around 20K in the turnover of 30 to 40 L.

3. Check the turnover based on purchases & expenses debited and not just final figures !!!

4. Better let it be processed as it is.

Excellent Reply My Dear Sir...


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