Revising a belated return

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2009 I have recently discovered that some self assessment tax is payble by me for FY 2008-09. Unfortunately my tax return was filed under sexction 139(4)about 12 days after due date on 12th Aug 2009. Hence as I understand I can not file revised returns under sec 139(5).In such case, is it advisable to still file a revised return and pay remainder tax with interest to avoid any penalty in future.

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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17 November 2009 Belated return can't be revised but you should pay the tax with interest immediately so that even caught in assessment later you can avoid the higher interest till the date of assessment.

As an experimental case you can e file the revised return with correct data.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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17 November 2009 you should go for revision.

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Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2009 Even if I pay belated tax with interest immediately, then possibily I can avoid levy of interest from date of paying tax till date of assessment in future. But saving interst is not so significant, as is the penalty , which I understand is 300% of tax evaded. Hence my queries are- (1) Do I get any releif in penaly? (2)During any future assessment, will it still be considered as EVASION OF TAX, althought I have already paid it before assessment? (3) Moreover would you clarify under which section penalty is leviable?