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Revised return and refund

ITR Filing 527 views 1 replies

jithin

Article

33 Points Posted on 10 March 2014

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.

Replies (1)

Rajagopalakrishnan R

PARTNER

1434 Points Posted on 17 March 2014

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.