Once of our employee (Only Salary Income - NIL Tax Return) has filed his last year income tax return (Manual Return) wrongly and now he would like to revise his last year IT Return.His salary is more than 15 lakhs.As all of you aware that online return filing is compulsory for those whose income is more than 10 lakhs.
For this case can we revise the return now?Is there any Interest and Penalty is applicable?Can we file manual return?If we file online can they agree?
27 July 2012
sec 139(5) clearly says that revised returns can be filed at any time before the expiry of one year from the end of relevant A.Y. or before the completion of asst. check once and act accordingly.
CAclubindia
