I filled a return within due date in which i had business profit. But i had left out an expenditure which was not eligible for deduction in the last Assessment year & we are entittled to treat the same as an expenditure in the current A.Y. After considering the same: a business loss is coming. Now can i revise the return? Please provide the relevant case law, if possible.
Regards
HI
If you have file return in due time you have good news, you can revised return.
Please refer link for the details:
/articles/filing-revised-return-under-income-tax-act-1961-10000.asp#.UJTw4WueRtM
Thanks//Vaibhav
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The return if filed in time can be revised now.
Sir, on what basis are you drawing the conclusion?
Regards
I presumed that you have omitted to claim an exp which related to the year for which you are advised to file a revised return. Please note that an expenditure can be caimed only in the year to which it pertains.If you are following merchantile system of accounting then the same ought to have been claimed in that year. But I understand that by mistake you claimed it in the later year. Is it? please state the facts clearly.
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