30 April 2013
hello i had filled belated return with taxpayable now i want to rectify it so if i ll not send itr V to cpc then any consequnces caused to me?? or aftr 120 days can i filed a fresh return???
30 April 2013
NO you can't file a return after 120 days a fresh return. better to use 'rectification request' option under your My Account option after login.
01 May 2013
The process advised by the respected expert is a lengthy one. There is one more way to file an ITR in such respect. Please mail the details of the assessment year and the tax payable shown in the origial ITR at the following mail id CARICHISAXENA@YAHOO.IN Contact No.+919796046051 I will help you to my level best.And yes please do not send the Signed ITR-V to cpc.
01 May 2013
the respected expert is requested to share the method for the benefits of other professional colleagues, tax payer and other readers of caclub.
01 May 2013
This is particularly with respect to the request made by the respected EXPERT:-
Section 140A provides that where any tax is payable on the basis of any return, after taking into account the prepaid taxes, the assessee SHALL BE liable to pay such tax together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax, before furnishing the return.
It has been proposed to amend the aforesaid Explanation so as to provide that the return of income shall be regarded as defective unless the tax together with interest, if any, payable in accordance with the provisions of section 140A has been paid on or before the date of furnishing of the return.
This amendment will take effect from 1st June, 2013
As such you can very well see that the department's mindset is clear in regarding such returns in which the self assessment tax is not paid as DEFECTIVE and in turn INVALID from the very beginning and as such the Assessee can file an ITR again when his/her return is treated as defective.
02 May 2013
thanks CA Richi for reminding me the amendment. though i have a query that if it will become invalid, then how it would be possible to file a new back date return and even if it is within the time period of belated return, there's may be a of penalty of 271F.
And also in case of defective return if the reply not given wihtin 15 days of asking by AO to rectify the defect only then it becomes invalid but that may lead to further proceedings. i think the amendment came to curb the practice of fiing itr with payable tax balance before the last day. but as you mentioned that it will become invalid and you will be able to file a new return, then i think the purpose of amendment will not be served.
02 May 2013
The purpose of amendment is to curb the practice of Filing ITR with Tax payable Not before the last Day but BEFORE FILING ITR. THe departments wants that as and when the ITR is filed the assessee if is claiming a tax payable on his behalf then he MUST pay it before filing the ITR itself. As regards the penalty u/s 271F it is DISCRETIONARY as the word used is "MAY"
02 May 2013
so according to you even if it can be rectified now, one should wait for return to defective and invalid, and then again refile a new return with a risk of penalty of Rs. 5000. also one question for my better understanding, earlier a return become invalid when reply is not given within 15 days of asking of AO. but now how will a defective return will become invalid since beginning. as far as amendment is concerned, I agree with you that it is before filing itr, but amendment is for those people who use to file return without tax and then pay tax later on avoid the invalidity of return, but if according to you wait for return to get invalid and then file a new return with later point of time with a chance of risk of penalty plus missing of last date of filing return. then why the amendment..
I appreciates your efforts for clearing my doubts.. pl clarify this above few also. thank you
03 May 2013
The risk of penalty itself arises as and when the Financial year in which ITR is to be filed is missed.As such when the assessee has himself made a default then why to get worried for the risk which has itself arisen. Despite of missing the Said financial year if the assessee is willing to file an ITR then he/she should presume the inherent risk involved. Sir the Income Tax Department is not a place where a human being will be hanged because of an innocent mistake. This is all what is in the hands of an Innocent assessee and the INTENTION behind filing such ITR should not be Fraudulent. Sir please note the fact that in case a return is treated as defective the assessee is given an oppoertunity to rectify the defect and if that defect is not resolved then only the return is treated as rejected or invalid. It is only then that the assessee can file a return again.You particularly need to resolve the issue by taking the concerned assessing officer in your confidence but again it is only when you as an assessee are INNOCENT.
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