What will happen if I don't file ITR-V ack. form in 15 days

Efiling 6295 views 9 replies

saravanan palanisamy

Software Engineer

40 Points Joined July 2008

Hi all,

Please bear with this lengthty mail and suggest me a correct solution.

I am using eFiling for first time without digital signature.

I have to file tax returns for the assessment year 2008 -2009, with ITR2 form for individuals.

I uploaded a wrong xml file while efiling (on July 19).

I didn't submit this wrong ITR-V acknowledgement in incometax office, and I have no receipt for this efiling.

With the 'Revised' option, I generated new xml file after correcting the error, and uploaded the new xml file, and got another ITR-V acknowledgement form. (July 26). I didn't submit this new ITR-V acknowledgement either, and I have no receipt for this efiling also.

I went to IT office (on July 29) to submit both these ITR-V forms, and noticed that I did one more mistake.

I filled the details in assessment year 2007 -2008 ITR2 form instead of assessment year 2008 - 2009 ITR 2 form.

The irony is I already filed tax returns for the assessment year 2007 - 2008 through tax consultants last year.

I enquired the help desk guy there and he said that

1.) You have to efile in a new ITR2 form for the assessment year 2008 -2009. [ok. no issues.]

2.) You have to efile again for assessment year 2007 -2008 [with that year form16 info], with revised option. If I don't do this, ITR V generated on July 26 can overwrite the returns successfully filed last year.

Questions:

========

1.) If I don't file revised ITR V acknowledgement forms within 15 days, what will happen?

[My gut feeling is, "No need to file these revised forms and the problem will be solved automatically :-),

as the data is valid for only 15 days :-)"]

2.) If I efile again for assessment year 2007 - 2008 with revised option, do this attract late payment charges. I already filed returns last year sincerely :-(.

3.) In short, what I have to do to come out of this mess smartly.

Thanks,

Saravanan

Curious question:

Why the assessment year is printed as 2008-2009, though the tax is assessed for the year 2007-2008?

Replies (9)

Rushikesh

Chartered Accountant - Manager Finance

2375 Points Joined September 2007

see, in the system, if you file the returns twice for 2007-08 then obviously the new one will be overwritten for the old.

so, it will be that no return is filed for 2008-09 and old 2007-08 is overwritten.

So, you'll have to file an ereturn for 2007-08 and revised return for 2008-09

saravanan palanisamy

Software Engineer

40 Points Joined July 2008

Thanks Rushikesh !

I filed new ereturn for 2008 -09 and revised ereturn for 2007 - 2008 today.

Sneha R. Gujrathi

Chartered Accountant

97 Points Joined July 2008

also u need to submit the itr V acknowledgement within 15 days for these both returns or else the whole thing done would be a waste.

the tax for the previous year i.e. 2007-2008 is assessed in the next year i.e.2008-2009 that is why it is called as assessment year.

CA Ravish Trivedi

The Possibilities are Infinite...

772 Points Joined May 2007

i agreed with rushikesh reply.

Guest

442530 Points Joined August 2012

As per Income Tax Act revised return can be filed within one year from the expiry of relevant assessement year or before completion of assessement order

I have filed original return on 25-09-07 electronically for the assessement year 07-08, I have filed revised return on 16-10-08 electronically in that I have written acknowledgement no. of original return filed.

Both the returns are without digital signature. So after signature original return was filed in Income tax department.

But as the signatory was out of station, the signature on revised return could not be obtained, so duly signed revised return with income tax department could not be filed within 15 days. Now 15 days has been over.

So please guide me now

1.) Whether can I now again generate revised return electronically

2.) If again revised return filed then whether original return and also revised returned which was filed on 16-10-08 will be automatically get overwrite

3.) Now which acknowledgement no. I have write while filing revised return

Juzer Sadikot

CA - innovative solutions for Imports an

1309 Points Joined November 2008

Dear Mr. Saravan

The general understanding of all the experst is

If ITR (E-filed) is not filed with physicaly with Department with in 15 days then the date on which this is filed will be date of filing for Income Tax purpose.

If the above (ITR-V) is not at all file ???

The answer may be the data provided electronically will be void and even the helpdesk of Income tax india efiling doesn't know consequencies of this.

As this being general problem the CBDT/Income Tax System is require to through some light on this issue.

Meanwhile it is advisable to (for conservative approch) you file revised return for A.Y. 2007-08 and Original Return for A.Y. 2008-09

Note: you are require to file physicaly all the ITR-V for A.Y. 2007-08 and now you will not be allowed to revised the return for the year A.Y. 2008-09 as the due date is all ready passed.

Regards

Pratik K

Student

3406 Points Joined June 2008

thanks for informations

saravanan palanisamy

Software Engineer

40 Points Joined July 2008

Hi all,

This is the latest development in my problem. Please refer my first question for the background information.

Though I filed revised eReturn for 2007 - 08, seems this has totally over written my earlier return for that year.

I got an intimation from IT dept, under section 143(1), dated on March 11, 2009, to pay a large sum as income tax.

I went to IT office, and on seeing my record for A.Y. 2007 - 08, it shows 'zero' for TDS, 'zero' for chapter VI A exemptions.

The fact is I paid excess tax for that year and waiting for refund.

He asked me to file revision petition under section 154, with copy of Form 16, and the correct IT return.

I got the template for the revision petition in "https://www.incometaxindia.gov.in/publications/1_Compute_Your_Salary_Income/6_others.asp#With%20a%20view%20to%20bring%20larger%20number

%20of%20persons%20in%20the%20tax%20net,%20now%20any%20person%20who%20satisfies%20even%20one%20of%20the%20following%20six%20indicators%20is%20required%20to%20file%20a%20tax%20return".

Questions:

=========

Do I need to pay Rs. 500 as fee for this rectification? If so, Can I pay it in cash?

Appreciate your additional inputs.

Thanks,

Saravanan

Originally posted by :saravanan palanisamy

Hi all,

Please bear with this lengthty mail and suggest me a correct solution.
I am using eFiling for first time without digital signature.
I have to file tax returns for the assessment year 2008 -2009, with ITR2 form for individuals.

I uploaded a wrong xml file while efiling (on July 19).
I didn't submit this wrong ITR-V acknowledgement in incometax office, and I have no receipt for this efiling.

With the 'Revised' option, I generated new xml file after correcting the error, and uploaded the new xml file, and got another ITR-V acknowledgement form. (July 26). I didn't submit this new ITR-V acknowledgement either, and I have no receipt for this efiling also.

I went to IT office (on July 29) to submit both these ITR-V forms, and noticed that I did one more mistake.
I filled the details in assessment year 2007 -2008 ITR2 form instead of assessment year 2008 - 2009 ITR 2 form.
The irony is I already filed tax returns for the assessment year 2007 - 2008 through tax consultants last year.

I enquired the help desk guy there and he said that
   1.) You have to efile in a new ITR2 form for the assessment year 2008 -2009. [ok. no issues.]
   2.) You have to efile again for assessment year 2007 -2008 [with that year form16 info], with revised option. If I don't do this, ITR V generated on July 26 can overwrite the returns successfully filed last year.

Questions:
========
1.) If I don't file revised ITR V acknowledgement forms within 15 days, what will happen?

     [My gut feeling is, "No need to file these revised forms and the problem will be solved automatically :-),
      as the data is valid for only 15 days :-)"]
2.) If I efile again for assessment year 2007 - 2008 with revised option, do this attract late payment charges. I already filed returns last year sincerely :-(.
3.) In short, what I have to do to come out of this mess smartly.

Thanks,
Saravanan


Curious question:
Why the assessment year is printed as 2008-2009, though the tax is assessed for the year 2007-2008?