Multiple revision of income tax return

Efiling 275 views 2 replies
EXPERTS, PLEASE HELP ME! 
I e-filed my Income Tax Return for the first time (AY: 2017-2018, ITR FORM: ITR 4S) before the due date. In my ITR-V form, it was shown that the refundable amount is Rs. 4780. (because I paid more tax than my tax liability) 

So far, everything was fine. 

I found a mistake and e-filed a revised return timely under 139(5) to correct this. Because of that, the refundable amount was reduced from 4780 rupees to 1410 rupees. 

Unfortunately, after a few days later I found a mistake again. Hence I filed a second revised return. Because of that again the refundable amount was reduced from 1410 rupees to 410 rupees. 

A few days later I found that I wrongly calculated my business expenses. (I included some of my personal expenses in my business expenses). So I filed a third revised return. This time the refundable amount was reduced from 410 rupees to 310 rupees. 

So basically I filled four returns, one original return and three revised returns. I have successfully e-verified these four returns. 

In this month (September 2017) I received an Intimation under 143(1) and got a refund of rupees 1410 in my bank account. The Intimation 143(1), and the refunded amount I got were under the first revised return. After checking my account on income tax website I found that only the first revised return was processed. 

So I have few questions - 
1. What happens to my second and third revised return? Will both revised returns be processed? 
2. In the future, if my second or third revised return will process then for sure the refundable amount will decrease(1410 rupees to 410 rupees and then 410 to 310 rupees). Then how will I pay the due tax? (I am so confused in it) 
3. Will I have to pay any kind of penalties in future? 

I know I messed up everything. Please help me to understand what's going on. (I'm sorry for my English!)

Replies (2)
U will receive a demand notice from income tax department for the differential amount between the amount u received and the refund u claimed in last revised return in few days along with interest.

If you have filed ITR-4S where is the provision for changing expenses in that.

Presumptive income is calculated on the basis of turnover. (50%/8% or 6%)

 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details