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regarding ITR

pawan patnaik (59 Points)

08 May 2018

i have not mentioned my investment incomes can I rectify my ITR for the a.y 17-18

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15 Replies

CA Rashmi Gandhi (Chartered Accountant) (86500 Points)
Replied 08 May 2018

No you can't revise it now......

1 Like

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 08 May 2018

Yes... You can revise your ITR for AY 17-18...

1 Like

rama krishnan (12244 Points)
Replied 08 May 2018

mr. Raja sir... a.y. 2017-18 ROI cannot be revised instead the assessee can rectify it

pawan patnaik (59 Points)
Replied 08 May 2018

means i can rectify it now or wait for new updation form of above source

rama krishnan (12244 Points)
Replied 08 May 2018

waiting for what update? file rectification application asap before IT DEPARTMENT issues notice for the escaped income

pawan patnaik (59 Points)
Replied 08 May 2018

department already issued me a notice

rama krishnan (12244 Points)
Replied 08 May 2018

what kind of notice?

pawan patnaik (59 Points)
Replied 08 May 2018

I have not mentioned my lntt income

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 08 May 2018

@ Mr. Ramakrishnan Sir.,

From the AY 17-18 we can revise the ITR Upto 31st March 2019 if the return is due dated or belated...

*Original/Fresh return can't file as per the date of 31st March 2018...

rama krishnan (12244 Points)
Replied 08 May 2018

attn Raja sir.. pls go through section 139(5)
65[[5] If any person, having furnished a return under sub-section [1] or sub-section [4], discovers any omission or any wrong statement therein, he may furnish a revised return at any time before 66[***] the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.]

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86500 Points)
Replied 08 May 2018

agree with rama krishnan sir you can't revise return you can only file rectification for same..

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RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 08 May 2018

Dear Mr Ramakrishnan Sir. Please be with.... Please refer / check the following Amendment.. Belated returns u/s 139(4) can now be revised u/s 139(5)-Budget-2016-17 amendments...

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 08 May 2018

What is the deadline to file belated ITR? A belated return can be filed at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier. If you are filing a belated return for FY16-17 then you need to fill the applicable ITRs as notified for this FY only and not for any previous or later FY. The relevant assessment year for a financial year is the immediately succeeding financial year. This means that you can file belated return for FY2016-17 by March 31, 2018 i.e. before the end of of the current assessment year (AY2017-18). Can you revise belated tax returns? Yes, I-T return for the FY 2016-17 and onwards filed under section 139(4), which is belated tax return can be revised. However, belated returns filed for previous financial years cannot be revised because the income tax law for this was changed from FY 2016-17 onwards.

rama krishnan (12244 Points)
Replied 08 May 2018

I am also stating the same what you have stated ... after amendments even belated returns can be revised now but the time limit for revision has been reduced from one year from the end of relevant assessment year to "end of the assessment year or completion of assessment whichever is earlier"