16 August 2012
I had filed my return online on 18th Fab,2012 (Volentery after due date). My TDS deducted is more then My Tax Payble (refund Due of Rs. 22,935/-) for Assessment Year 2011-12.
But my ITR-V was received by department after 120 days.
So, can I revise that return in Aug.2012 (Since period is already closed)and Does I have to pay any Penalty in that Case.
16 August 2012
You can file the return for assessment year 2011-12 anytime before 31/03/2013. The return of which acknowledgement is not received by CPC before 120 days from the date of filing is deemed to have never been filed.
16 August 2012
Till now, Income tax have not sought for suo motu (at our own) penalty like VAT. So please do not bother yourself about interest or penalty. In the worst case... your refund may get slightly reduced... is it not?
CAclubindia
