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Query on rectification u/s 154

rz's (TRAINEEE) (243 Points)

21 February 2012

A very peculiar problem has come to my knowledge ..

A Salaried Person recieved compensation on acquisition of his land TDS was deducted on it @ 10%...Not being aware of the fact that Income from Salary and Capital Gains would be taken together for computing his total income, he filed his return online taking only salary income..

now after doin this he approached us to file his return with capital gains and claim a refund if possible...

On checking his return status i found that the same has already been processed by the CPC...so revising the return is out more over his return was filed after due date....

i wanted to know if

1) i can upload rectification U/s 154 claiming the capital gain.

2) if so is there a time limit for uploading the same??

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4 Replies

Ashish Ranpara (TAX CONSULTANT) (369 Points)
Replied 21 February 2012

RZ'S AS PER SEC. 139(4) OF INCOME TAX ACT 1961. A RETURN FILED AFTER DUE DATE i.e. BELATED RETURN CAN NOT REVISED.

THEREFOR IN YOUR CASE THE RETURN CAN NOT REVISED; AS THE RETURN FILE AFTER DUE DATE

Anumanchipalli Sathikonda (Tax Consultant) (1349 Points)
Replied 21 February 2012

Mr.RZ's

The onnly option left with you is file a revised return with the jurisdictional assessing officer. After recieving the return he will issue a notice u/s 148.

Then you can request the assessing officer to treat the revised retun filed, as a return filed in response to the notice u/s 148.

Then the assessment proceedings will start.

Best Wishes

Sathikonda

(Guest)

TDS shall be clamed when u offer the income to the revenu however u can requst the relevent assesment office to open your case and or ask for a rectifiacation

CA SUMANTH (LEARNER.....) (294 Points)
Replied 22 February 2012

ection 154. RECTIFICATION OF MISTAKE.

(1) With a view to rectifying any mistake apparent from the record 1542 an income-tax authority referred to in section 116 may, - (a) Amend any order passed by it under the provisions of this Act;

(b) Amend any intimation or deemed intimation under sub-section (1) of section 143.

(1A) Where any matter has been considered and decided in any proceeding by way of appeal or revision relating to an order referred to in sub-section (1), the authority passing such order may, notwithstanding anything contained in any law for the time being in force, amend the order under that sub-section in relation to any matter other than the matter which has been so considered and decided.

(2) Subject to the other provisions of this section, the authority concerned - (a) May make an amendment under sub-section (1) of its own motion, and

(b) Shall make such amendment for rectifying any such mistake which has been brought to its notice by the assessee, and where the authority concerned is the Commissioner (Appeals), by the Assessing Officer also.

(3) An amendment, which has the effect of enhancing an assessment or reducing a refund or otherwise increasing the liability of the assessee, shall not be made under this section unless the authority concerned has given notice to the assessee of its intention so to do and has allowed the assessee a reasonable opportunity of being heard.

(4) Where an amendment is made under this section, an order shall be passed in writing by the income-tax authority concerned.

(5) Subject to the provisions of section 241, where any such amendment has the effect of reducing the assessment, the Assessing Officer shall make any refund which may be due to such assessee.

(6) Where any such amendment has the effect of enhancing the assessment or reducing a refund already made, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable, and such notice of demand shall be deemed to be issued under section 156 and the provisions of this Act shall apply accordingly.

(7) Save as otherwise provided in section 155 or sub-section (4) of section 186 no amendment under this section shall be made after the expiry of four years from the end of the financial year in which the order sought to be amended was passed.

Check the link-https://www.vakilno1.com/bareacts/incometaxact/s154.htm