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Revised ITR-5 after original ITR was already processed

ITR 569 views 23 replies

Can 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?

Replies (23)
Yes file revised return before 31.5.21
Of course you cam go for revision. because intimation under sec143(1) doesn't amount to assessment.
one should file revised return before the expiry of time limit for revision or assessment by A.O. which ever is earlier.
here no assessment made and you have time limit till 31.05.21.
go for revision with out thinking.

there will be no penalty because you have filed your original return in time.

But the original ITR was already processed on 29.05.2020. Can I still file revised ITR?

That is we have said in earlier comments. you can go to revision with out doubt.

When you have filed your original return?? it was processed in 29.05.2020?? have you filed very early??

When you want to revise firm's ITR-5 remember you have to revise partner's returns also if any changes in total income.

I have filed the original ITR by 28/12/2020. It was processed on 29/03/2021.

Okay. you can go for revision as we have time till 31.05.2021.

Thanks for your answer. 

Lot of questions are being asked on revision of processed returns.

the assessee can revise his itr even after 143(1) processing. cpc will have to process the revised return also.

this is a case of itr5 so i would like to say that you must also check if the return of partners would also get affected by revising the itr of firm. if yes, then you will have to revise the returns of partners as well
Amlan

the process

filed return before 31.03
21.
as per law it is not a belated return.
if there is any mistake you will certainly receive a notice.
reply to that notice or file a revised return.
Now if the return was filed after 31.03.21 in normal circumstances that means there are no restrictions in carrying out day to day life; then eventually there is penalty.Sec 234 A to F, DEPENDING UPON THE CIRCUMSTANCES OF THE CASE.

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.

Send details at sabyasachimukherjee7098 @ gmail.com

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.


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