GEETA (Student) (45 Points)
10 July 2010In ITR-1 of A.Y.-2010-11, aithough the self assessment tax has been paid but the the tax amt was wrongly showed in tax payable column & the return has been submitted but the challan details has been correctly entered & the income of the assesse is above Rs.10lacs. Will it effects the validity of return in anyways or will it create any problems later.
pls let me know if there can be any problem?????? its urgent
CA Amit Kanani
(Practicing CA)
(338 Points)
Replied 10 July 2010
No ,it is not big problem. U can make application U/S 154 for rectification of mistake.
And AO have to reply u within 6 months from application. So, don't worry , make application. it will done
GEETA
(Student)
(45 Points)
Replied 10 July 2010
& if application has not been submitted then will it attract any penality
Amir
(Learner)
(4016 Points)
Replied 10 July 2010
Hi Friendz,
Since the time limit for revision of return has not expired, u can also go for revising the return.
No penalty, etc will be levid since it was just a clerical mistake.....(Sec 140A will not apply in this case)
CA Amit Kanani
(Practicing CA)
(338 Points)
Replied 10 July 2010
Hello Geeta,
NO , it will not attract any penlty, it is clerical mistake. But i advise u to make application.
CA Amit Kanani
(Practicing CA)
(338 Points)
Replied 10 July 2010
Dear amir ,
U can not file revise return in this type of case, it is in valid. For filling revise return there is different requirement in law.
MALIKA S. BHIMANI
(ACCOUNTANT)
(41 Points)
Replied 10 July 2010
Aamir bhai i need your help. can you pls contact me on malikabhimani @ hotmail.com
P Venkata ravi kumar
(Finance Officer)
(23 Points)
Replied 15 July 2010
what are the accounting entries for mat and mat credit
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