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Revised Return after Refund is Received ?

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PREM GUPTA

28 Points Posted on 05 February 2021

Return for AY.2020-21 was filed in Time before Due Date(14/12/2020)

Immediately Assessment Order is passed and even Refund is Received.

Now want to file the REVISED RETURN as we forgot the Deduction of 80 c for Rs.1,50,000/-

Can we file the REVISED RETURN ?

Please advise, Thanks .

Replies (9)

Quick Summary

This discussion explores whether a revised tax return can be filed after an initial return has been processed and a refund has already been received. While some advice suggests it's not possible once processed, others indicate it might be permissible under Section 139(5) of the Income Tax Act, particularly if the 'assessment' refers to a specific type (not just an intimation under 143(1)). The consensus leans towards it being possible to claim an additional refund, but clarification on the exact process and potential limitations is sought.

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 05 February 2021

Yes you can file revised return before 31.3.21

PREM GUPTA

28 Points Posted on 05 February 2021

Can it be filed online and what will be status of refund already received and additional to be received on Missing 80c amount. Is there any penalty for this ?

sachin sharma

54 Points Posted on 05 February 2021

Mr. prem Gupta you are not eligible to filed Revised because your return is already processed and you got your refund. In case your return is not processed then you revised n number of time without any time limit till the return is processed. and sourav 31march of the assessment year is the due date for belated return as per section 139(4).

Kapadia Pravin

10683 Points Posted on 05 February 2021

It is possible. will get additional refund pursuant to revised return.

sachin sharma

54 Points Posted on 05 February 2021

Kindly explain

Kapadia Pravin

10683 Points Posted on 05 February 2021

It is totally possible to file a revised return after the notice or intimation has been received by the taxpayer under Section 143(1) by the Income Tax Department. The revised return can be filed as per the Section 139 (5) of the Income Tax Act.

sachin sharma

54 Points Posted on 05 February 2021

Dear Kapadia ji please ask your senior or your colleagues for revised return process. after processing of return it is not possible to revised except your case is under security.

CA PRAVEEN PACHALAG

83 Points Posted on 07 February 2021

The word assessment used in section 139(5) will refer to assessment made under section 143(3) and section 144. Assessment made under section 143(1) will not be treated as assessment for this purpose as such return can be revised even after the intimation under section 143(1) has been served.