revised return
ranjit kumar sarkar
(Querist) 26 March 2011
This query is : Resolved
respected sir
my friend his i t return submited on 24/03/2011 for the ay 2010-11 and he saw a mistake after submission of return. so now he can eligible for revised return and impose any penalty
plz advise me
thanking you
R.Ramachandran
(Expert) 26 March 2011
There will be no penalty. He can submit his revised return immediately.
R.Ramachandran
(Expert) 26 March 2011
I presume that your friend has paid the income tax due. It is only the return which he did not file within the specified time. According to Section 139 such return can be filed before expiry of one year of the relevant Assessment year, or before completion of assessment. Obviously, in this case, it appears that the assessment has not been completed, though one year period is still there.
As regards revision, it can be done at any time before the expiry of one year from the end of the relevant assessment year (i.e. before 31.3.2012) or before the completion of the assessment, whichever is earlier.
Therefore, your friend can file the revised return.
If he had paid all the tax due, then there will be no issue. However, if any tax is due to be payable as per the revised return, then simple interest at the rate of 15% on the unpaid tax amount will have to be paid from the date specified for filing of return, to the actual date of payment of the unpaid tax.
MUKESH SHARMA
(Expert) 27 March 2011
you can revise it on or before 31-3-2012 or before completion of assessment whichever is earlier
preet
(Expert) 30 March 2011
you have to revise ur returene befor 31.03.2011. There is no penalty of it.
lawyerpreetkaur@gmail.com
R.Ramachandran
(Expert) 30 March 2011
Dear Preet,
Can you explain why you say that the revised return has to be filed before 31.3.2011 and not 31.3.2012?
soumitra basu
(Expert) 02 April 2011
I am afraid your friend can not file any revise return for the reason that the return filed by him was belated and not within the prescribed date.
