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ITR Processed, can i file revised return?

ADNAN HUSSAIN (Student CA IPC / IPCC) (152 Points)

28 November 2020

Hello,

I have filed return u/s 44AD and the same has been processed. Now i want to file as per books of accounts, so can i revise the ITR now and file with Profit and loss account and balance sheet?

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16 Replies

JATINDER KUMAR (Accountant) (3662 Points)
Replied 28 November 2020

No, you can not revise ITR after processing

ADNAN HUSSAIN (Student CA IPC / IPCC) (152 Points)
Replied 28 November 2020

What is the option now?

JATINDER KUMAR (Accountant) (3662 Points)
Replied 29 November 2020

No options to correct mistakes

rama krishnan (12234 Points)
Replied 29 November 2020

No issues... you can file revise return. the time limit for filing revised return is end of the relevant assessment year or completion of assessment which ever is earlier. processing of ITR is not assessment. so you can revise your return

3 Like

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 29 November 2020

Yes. I agreed to Mr Ramakrishnan view.

rama krishnan (12234 Points)
Replied 29 November 2020

Thanks Mr Raja for endorsing the view

1 Like

ADNAN HUSSAIN (Student CA IPC / IPCC) (152 Points)
Replied 29 November 2020

I have filed return u/s 44AD, so can I revise and file as per profit and loss ac?

1 Like

JATINDER KUMAR (Accountant) (3662 Points)
Replied 29 November 2020

Please ignore my reply

Agree with Mr. Rama Krishnan's reply

rama krishnan (12234 Points)
Replied 29 November 2020

Revision ITR means treating original ITR as non-est ITR and it'll not be considered for any proceedings under income tax act. so there's no issue if you change ITR form number

ADNAN HUSSAIN (Student CA IPC / IPCC) (152 Points)
Replied 29 November 2020

But the original one is already processed

rama krishnan (12234 Points)
Replied 29 November 2020

Even if it's processed there's no issue... till the time limitation to revise ITR is not expired you can file revise your ITR any number of times

ADNAN HUSSAIN (Student CA IPC / IPCC) (152 Points)
Replied 29 November 2020

Okay thankyou so much, and one more things as I filed original u/s 44AD so declared income 300000 now as per profit and loss I'm showing 50000 in revised return... Is it fine?

rama krishnan (12234 Points)
Replied 29 November 2020

Normally if there's any negative difference in total income between original and revised return, then there's possibility that your case may be selected for scrutiny

Hemant Ambolkar (2 Points)
Replied 30 November 2020

Dear Rama Sir, if I check my last years return status, it shows details or links for

1] ITR Filed : ITR-V/ Acknowledgement, XML, ITRForm

2] ITRV Received: Receipt Date, Communication Referene No., E-Mail-SMS Dates etc.

3] ITR Processing completed : Here I Have 1] Date of Order, 2] Date of SMS, 3] Date of Email 4] Refund Details 5] link to download Intimation Order u/s 143[1] i.e. Summary Assessment.

My question here is that is there any time gap between ITR Processing Completed details appearing in the status on portal and issue of order like 143[1].

I think that once order is issued then only you can see details for ITR Processing Completed.