Wrong revised return filed for FY 2008-2009

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I would appreciate any help on the following query - I filed my tax return for FY 2008-2009 (AY 2009-2010) through a consultant on 31st July 2009. Significant points of the return were - 1. Short selling and intra-day trading loss of Rs 10000 (speculative loss) 2. Short-term capital loss of Rs 30,000. Considering point 1, ITR-4 was filed, and I wanted to carry forward the losses. When I received the acknowledgment, I discovered that Short selling and intra-day trading loss (speculative loss) has been wrongly filed as non-speculative business loss. I brought the discrepancy to the consultant and a revised return was filed on my behalf in Aug-2010 making the corrections and I got the acknowledgment. Now when I started to file the return for FY 2009-2010 (AY 2010-2011), I referred to the revised acknowledgment for FY 2008-2009 and to my surprise I discovered that the revised return again had been filed with another wrong information (this time missed out "Deductions under Chapter-VI-A"). Please guide me on the following Qs - 1. Do I need to/ should I file revised return (third time)? Also since AY 2009-2010 has ended, does that account for the Penalty of Rs 5000? I have a return claim of Rs 20000 for FY 2008-2009, can i adjust the penalty (if applicable) out of that refund in revised return that i shall be filing now? 2. I had incurred losses (speculative trading and STC Loss) in the FY 2008-2009, can I carry forward those losses and offset the gains in FY 2009-2010 against those losses, in case of revised return? Thanks in advance !
Replies (3)
Dear Sir, A Revised return can be revised countless number of times before the expiry of 1 year from the end of AY i:e the relevant date is 31.03.2011 in ur case. Penalty of Rs. 5,000 shall NOT be levied in this case since the original return was filed within due date. Since no penalty is there hence no need for any adjustment with the refund amount. U will be allowed to carry forward the losses in respect of revised returns. In short, don't worry just file a revise return and rest everything will go as usual.......

Dear Sir,

 

Agree with Amir... There is no problem in revising the return again, and you have time to do this till 31st March 2011.... The revised return filed now, will get all the benefits as the original return.

Dear sir, I want to revise the TDS return for FY 2008-2009 and also 2009-2010.but when I put the details for downloading justification report and conso file,we can not put request for dat FY in TDS Traces website.and no data available shown when we put token no.so we are unable to revise the TDS return for above particular years.please kindly help us.what to do now?


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