Amlan Ranjan Dutta (Business) (103 Points)
25 May 2021Can I file Revised ITR-5 for AY 2020-21 if the original ITR was already processed on 29/03/2021? Is there will be any penalty?
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 25 May 2021
Sivaramaraju G
(Learner)
(2398 Points)
Replied 25 May 2021
Amlan Ranjan Dutta
(Business)
(103 Points)
Replied 25 May 2021
But the original ITR was already processed on 29.05.2020. Can I still file revised ITR?
Sivaramaraju G
(Learner)
(2398 Points)
Replied 25 May 2021
Sivaramaraju G
(Learner)
(2398 Points)
Replied 25 May 2021
When you have filed your original return?? it was processed in 29.05.2020?? have you filed very early??
Sivaramaraju G
(Learner)
(2398 Points)
Replied 25 May 2021
When you want to revise firm's ITR-5 remember you have to revise partner's returns also if any changes in total income.
Amlan Ranjan Dutta
(Business)
(103 Points)
Replied 25 May 2021
I have filed the original ITR by 28/12/2020. It was processed on 29/03/2021.
Sivaramaraju G
(Learner)
(2398 Points)
Replied 25 May 2021
Okay. you can go for revision as we have time till 31.05.2021.
veerendar singh
(tax consultant)
(3301 Points)
Replied 25 May 2021
sabyasachi mukherjee
(25965 Points)
Replied 25 May 2021
Amlan Ranjan Dutta
(Business)
(103 Points)
Replied 25 May 2021
Say, I have paid total Rs. 500 IGST on purchase of services in a FY:
Rs. 300 - ITC Eligible
Rs. 200 - ITC Ineligible (Tax paid expense)
How do I show both the amounts in ITR-5? Since both Trading Account & P&L Account are asking Tax paid details, I am confused where should I put the ITC Eligible GST amount and where to put ITC Ineligible GST amount.
Please help.
sabyasachi mukherjee
(25965 Points)
Replied 26 May 2021
Send details at sabyasachimukherjee7098 @ gmail.com
Sivaramaraju G
(Learner)
(2398 Points)
Replied 26 May 2021
As per my knowledge your eligible ITC will be under current assets
and ineligible ITC you can debited to your service expenses. as you paid ITC for services. if it is for purchases then it should be added to purchases.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
