Suppose-
1. I filed my IT return as per 139(1) and claimed refund. say Rs. 3000/-
2. I got refund cheque
3. Now i want to revise my return and the revised refund would be Rs.1000/-
now my question is-
Since I have got the refund, how do I show it in ITR to revised the return. If I cant show it in ITR, then how should I make this correct.
please not - assessment is not yet done.
First thing to understand is that if u have received refund then assessment under 143(1) HAS been done. If you file a revised return now the following would be the steps/consequenses.
1. U have to file a revised return by showing the tag as REVISED in the appropriate place(s).
2. Once u file showing more tax than originally filed , the assessing officer will have no choice but to issue notice of reassessment u/s 148 of IT Act.
3. Normal proceedings would then follow an dassessment would be completed unber section 143(3) read with 147.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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