mistake in income tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2011 I have been filed my income tax return for business income in ITR 4S. But I forgot to fill details of my STCG income from shares (Rs. 9000) and LTCL from shares (Rs. 12000).

Whether I have to revise my ITR and file return in ITR 4.

What will be the consequences if I do not revise it. How much penalty can be levied on me by AO.

Pls reply

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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02 July 2011 you must revised the return....within one year of a.y. completion.........of filling yera of return.......

and regarding penalty the consequences may be 300% u/s 271(1)(c

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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02 July 2011 Why are you thinking about penalty?
revised it
Before Assessment and and after you can file rectification online.

For any Query,Help and Online Return Filing
Contact Us:
Abhishek Ranjan Singh
ARS Solutions
+91 9022838615
email2ars@gmail.com

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

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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02 July 2011 You have not mentioned for which assessment year? and when you have filed the return. In case you have filed the return in time then only you can revise it otherwise not possible.

I hope you must have filed the return in time then you can revise. If you have uploaded the return then the revised return can be filed by uploading it after revision.

If you have time then revise it immediately. Once you have revised your return no penalty is to be levied and if your chance is gone submit a letter that this mistake has been done by you in your return and bring the same to the notice of the A.O. no pentalty will be levied.

Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2011 A. Y. 11-12

I will revise it

Thanks for your valuable suggestions.

Thanks to all

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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02 July 2011 Dear Agarwal sir,
It is surly in time
because He filed ITR 4S which is applied from AY 2011-12 and due date for current year is .....:)

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

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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02 July 2011 So he has full time and he can revise the return immediately before it is processed from Banglore.

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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02 July 2011 Even if it is processed at ITC Banglore, it can be revised upto March 31, 2013 or regular assessment completion whichever is earlier

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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03 July 2011 and after assessment he can file rectification too.

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

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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03 July 2011 Rectification is the ultimate solution to the query. Either by way of revising the return or filing application u/s 154. Now it depends on the person concern how he does it. If he is interested in immediate solution then he has to revise his return or other wise let him wait till assessment order is received and thereafter he can file petition u/s 154.

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2011

Since I have filed ITR4S. Now for including Capital gain income I have to revise it by ITR4.

Can I revise Return filed in ITR4S with ITR4 ?