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Late fee on revised itr

ITR 282 views 7 replies

Anitya

287 Points Joined October 2018

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 Joined November 2017

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...!!!"

128116 Points Joined January 2015

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 Joined October 2018

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

RAJA P M

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

128116 Points Joined January 2015

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

Amarjeet Kaur

self employed

108 Points Joined July 2011

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

RAJA P M

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

128116 Points Joined January 2015

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...