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Late fee on revised itr

ITR Filing 336 views 7 replies

Anitya

287 Points Posted on 10 January 2019

Hi Members,

Please suggest on the following query.

A senior citizen has filed his ITR for AY 2018-19 in July 2018 with net income of Rs. 4,70,000.00. Now he wants to revise his ITR with net income of Rs. 6,70,000.00. Will late fee be levied along with interest on his revised ITR?

Thanks.

Replies (7)

Sarath Rajendran

Nil

2791 Points Posted on 10 January 2019

No late fee if you filled ITR before due date and revised it later

If ITR filled after due date, you can't revise that return

Guest

Belated returns for the FY 2016-17 onwards cab be revised.

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 10 January 2019

Yes... I agreed to CA Madhavi Pandit.

Belated ITR can be revised from AY 17-18 onwards...

@ Anitya.,

Late not levied for revised ITR.

But, I ask One question

Is the previous ITR is verified...?

Anitya

287 Points Posted on 10 January 2019

@ Raja Sir, it is verified. The bank is asking for higher income in ITR for loan.

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 10 January 2019

Nothing to worry...You can revise the said ITR...

Amarjeet Kaur

self employed

108 Points Posted on 12 January 2019

what if tax liability arises due to revision of the Return ?

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 12 January 2019

Sec 234F is levied in Late Filing of ITR which not filing on or before Due Date...

So the said section not applicable for Revised ITR which is filed on or before Due Date...