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Revise return

neeraj (no) (392 Points)

08 October 2014

i had filed late return....

i had forget to disclose income from sale of plot....

what to do....

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8 Replies

TKKKKKK (PRACTICING CA) (3268 Points)
Replied 08 October 2014

Calculate tax. Pay it.File revised return and show the income from sale of plot. I am adding that you have to calculate capital gain for it.

1 Like

Santhosh Poojary (SIEMPRE AHÍ PARA TI) (15607 Points)
Replied 08 October 2014

If you have made a mistake of not disclosing any income or have forgotten to claim a deduction in your return, you can file a revised return and avoid penalty exposure..!

In case if the revised return is filed online, the assessee is required to furnish the 15-digit acknowledgement number of the original return. On receiving the revised return, the I-T department searches for the original return which is retrieved using the 15-digit acknowledgement number.

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Gupta (DGM) (45 Points)
Replied 08 October 2014

Neeraj has specifically mentioned in his questiin that he had filed LATE Return. I have read somewhere that a revised Return can be filed only if the original return was filed before due date. What is the solution in such a case?

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(Guest)

I also read that return file after due date can not be revise. Please confirm.

neeraj (no) (392 Points)
Replied 08 October 2014

it's not my practicle case....but i got this question from freind....while we were studying....

CMA Rajesh Ankhule (pune) (37 Points)
Replied 09 October 2014

Revised return can be filled only if original return filled before due date please check

Santhosh Poojary (SIEMPRE AHÍ PARA TI) (15607 Points)
Replied 09 October 2014

Neeraj please note, Only Those who filled IT return widin the due date specified in the section 139(1) are eligible to file the revised return.

Revised returns can be filed if you filed your original return within due date. So if you filed your return after due date then you are not eligible to file revised return.