Revised ITR

In my original ITR of A/Y 2009-10, i have disclosed the total income of Rs. 3,50,000/-. Now i have realised a mistake in my books of accounts for the F/Y 2008-09 and the correct total income comes to Rs. 4,15,000/-. My original ITR was filed within due date i.e. before 30.09.2009. Till what date can i revise my ITR? Can there be any penalty for concealment in case i am revising the ITR voluntarily?

Please Advise...

Replies (9)

Dear Mahesh,

Return can be revised upto 1 year from trhe end of A/Y or completion of assessment whichever is earlier........

i:e For FY 2008-09 (AY 2009-10), return can be revised upto 31.03.2011.......

As far as Penalty for concealment is concerned if return is revised before the receipt of notice of assessment, thenPenalty for concealment cannot be levid............... 

Dear Mahesh,

If the original return is filed within the due date, then u can revise within the period of 1 yr from the end of A.Y.. The last date for revision is 31.03.2011.

There will not be penalty if there is no intention of tax evasion or malafide intention.

There is no penalty for voluntary revision of the return. Revised return must be filed within one year from the date at which the Assessment Year ends. Hence, in this case the due date for filing revised return is 31/03/2011.

Agree with Dear Amir bhai........

Revised Return can be filed upto 1 year from the end of relevant A.Y. or completion of assessment whichever is earlier.....

i:e For FY 2008-09 (AY 2009-10), return can be revised upto 31.03.2011.......

Penalty for concealment is concerned - return revised before the receipt of notice of assessment - Penalty for concealment cannot be levied..........


 

If return is filed with in the time limit given in section 139(1) then  Return can be revised with in one year from the end of the relevant assessment year or before completion of assessment, which ever is earlier. 

In your case you can file revise return up to 31.03.2011.

Agree with everyone above... Just an addition.... The revised return filed shall replace the original return and shall be as good as the original retun filed by you... So no question of penalty also..
 

i m agree with Mr. Aamir

All are right above.................

in addition for ur knowledge revised return will be filed u/s 139(5).& in ITR mention the acknowledgement no as well as date of original return filed.

I also agree with Mr. Aamir. 

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