RETURN OF INCOME U/S 139(1)

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AMIT (Querist)
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24 July 2010
Dear Sir,

Example,

I m Sole prop. Audited u/s 44ab of IT,my due date is 30 Sep,

Due to some reason,i was not able to estimated my Income tax,
but i filled a return on estimated basis and i know that is not correct,

After the due date i fill a REVISED RETURN U/S 139(4),

Q1. Is that ok ??

Q2. For Filing REVISE RETURN u/s 139(4), do i need to pay any kind of penalty or any other charges ???

Q3. is there any different form for REvised RETURN ?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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24 July 2010 ANS 1 : IF YOU FILED RETURN BEFORE DUE DATE , THEN YOU CAN REVISE IT.
ANS 2 : REVISED RETURN IS FILED U/S 139(5), THERE IS NO PENALTY OR ANY CHARGED FOR IT.
IF AFTER REVISING TEHRE IS ANY TAX LIABILITY ARISES THEN YOU HAVE TO PAY INTERST ON LATE DEPOSIT .
U/S 139(4) BELATED RETURN IS FILED, WHICH CAN'T BE REVISED AT ALL.

ANS 3: NO THERE IS NO DIFFERENT FORM FOR REVISED RETURN.
SAME FORM IS USE, YOU HAVE TO SELECT REVISED IN TYPE OF RETURN FILED.
AND PUT ORIGNIAL RETURN ACKNOWLEDGEMTN NO WITH DATE.

AMIT

AMIT (Querist)
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25 July 2010 thanks very much sir for point wise answering,

i want to know one thing more

AFTER FILLING REVISED RETURN U/S 139(5)

if my tax liability rise by other Rs.2000 which was before Rs.3000,

i deposit the amount AFTER A 15 DAYS. do i need to pay 1% Per month interest on the pending amount

i.e 2000 @ 1% per month for 15 days

= Rs. 10 as interest

if yes, under which section ??

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 July 2010 1% of Rs.2000/- u/s 234A (1% even for part of a month.)
Remember you are not required to calculate in current ITR xls format there is calculate button just fill the details and press calculate it will automatically calculate the interest u/s234A,B & C for you. SO better fill ITR and pay as per calculation shown.

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