Investment declaration

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2013 I have a investments(Lic policy) on 13/03/2013. But I did not declared it. Now, is there any way to file it and get back my paid tax?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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30 July 2013 Yes. you can considered the same while filing your Income tax return and get the refund in case excess tax paid

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Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2013 Thanks ramesh.

Can u explain exact procedure how to do it?

Is it to under 139(5)?

1) If yes do I need to send any supporting docs to government?

2) In form 16- under 80C- I have 16000. But i have my investments(LIC) on 13/3/2013 as 30000 INR, which are not declared.

Now while filing Can i show/enter, 46000 under 80C?

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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30 July 2013 If you are filing the Return with in tomorrow (31.7.2013) it is return u/s.139(1) otherwise Return u/s.139(4) belated return

1. No need to send or attach any documents along with return, just claim and keep the proofs with you, incase while assessment, department demand to produce the document that it can be submitted

2. Yes, in ITR you can show the actual investment value Rs.46000 under 80C

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Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2013 Thanks again.

By mistakenly, I had filed my returns on 19/07/2013. with under 80C as 16000. So I have take around 3000rs. The refund amount came as 0.

Now, can I file it under 139(5), with 80C as 46000. then I will get refund 3000 back.

1)Then my form-16 80C value 16000. and I am going specify 80C as 46000 in e filing. is it ok?

2)is it also needs last filing acknowledgement number?

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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31 July 2013 Yes. you can revise the return u/s.139(5) with claiming the correct deduction u/s.80C and claim the refund also if anything excess Tax paid.

since your return filed within due date, you can revise the return u/s.139(5)
you need to mention the original return filed acknowledgement along with date in revised return

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2013 I am with in with in due date.

So can file under 139(1), with 80c as 46000.
instead of under 139(5)?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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31 July 2013 No. since you are already filed original return u/s.139(1). only one time original return u/s.139(1) can be filed. so you need to file revised return u/s.139(5) only

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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02 August 2013 Since you have filed your return in time, you can revise the same online by claiming the payment made for LIC premium. If there is refund it w2ill come automatically.

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