Revised filling of itr-1

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Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2015
Can i file revised ITR-1 for AY -2014-15,and if yes then within how many days i can do so.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 July 2015 Revised Return of Income Tax can be filed by an assessee u/s 139(5) at any time before the expiry of 1 year from the end of the Relevant Assessment Year or before the completion of assessment (whichever is earlier)

Revised return can be filed only if original return was filed on or before due date. Belated return can not be revised.

For instance: If an assessee files an I-T return for FY 2013-14 (i.e. assessment year 2014-15) on 10 July 2014 (due date for filing I-T return is 31 July 2014), however, later on discovers some mistake, then he can file a revised return of I-T anytime up to 31 March 2016 or before the completion of Assessment, whichever is earlier, for FY 2013-14 i.e., AY 2014-15.

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2015 Thanks a lot Sanjay Sir,

But i have income below 190000/- for AY 2014-15 and i filed return for the same in last week,and now i have realized that i have made a small mistake while taking deduction amount.so now can i revised that return or not.

Please guide

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 July 2015 No you can not file revised return. Belated Return can not be revised.