Revised return or rectification ?

ITR 542 views 1 replies

I was a full time partner of a firm whose accounts required audit u/s 44AB for the A.Y. 2013-14. Due date for filing income tax return was 30/09/2013 and i had filed income tax return on 30/09/2013 in which i had claimed carry forward of Short term capital loss.

I received intimation u/s 143(1) in which due date for filing income tax return was mentioned as 31/07/2013 and hence claim for short term capital loss was disallowed. Later I discovered that i had mentioned incorrect pan number of the firm. I have received income tax refund for the a.y. 2013-14.

My question is what do i need to do so that short term capital loss will be allowed to carry forward? Whether shall i file revised return as i have discoverd an error or shall i apply for rectification? Only claim for carry forward is going to change and there will not be any further demand or refund?

Replies (1)

In my opinion you should revise the return as you have noticed the error. But i believe the wrrong PAN alone will not be the issue. The main issue will be the non-consideration of you as a partner in the firm by the ITD which might be a software error. Hence once you revise the return the return will be reprocessed automatically and mostly this error will be rectified in the next 143(1).


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