Revised return

This query is : Open

ALOK (Querist)
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22 July 2010 (1) I am having a proprietorship firm!

(2) The firm had filed its audited report on 30th september 2009(On the due date)

(3) The individual return of the proprietor was also filed.

(4) However their was some mistake at the time of filing e-return and we have now recieved a Notice from centralised Processing Unit-Bangalore under Section 143(1) demanding some tax.

(5) What are the provisons to file my revised return, though I have already received a demand order to pay tax within one month.

CA. Anoop Gadia

CA. Anoop Gadia (Expert)
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22 July 2010 for proprietorship firm individual dost not fill the his return.

ALOK

ALOK (Querist)
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22 July 2010 The INDIVIDUAL is the PROPRIETOR of the firm.....
Hence after getting the accounts audited,, the Profit for the concerned year is transferred to Proprietor's Capital A/C.
I mean how come,the individual won't file his RETURN??

And my query is on filing of REVISED return??

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mohinder kansal

mohinder kansal (Expert)
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22 July 2010 From the query it is not clear, what type of error has been there, if the error is apparent from the return, as i think it would be, inspite of filing of revised return application for rectification of mistake. as far as filing of revised return is concerned, it can be advised only after knowing the facts of the case, otherwise it may be a case of concealment of income

ALOK

ALOK (Querist)
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26 July 2010 The case is that:

While filing the return (E-return-which is sent to Bangalore),
Their has been Clerical Error while entering the figures,,
Say instead of Rs 3,50,000/_(Which was to be shown as Interest on Loans),,only Rs 50,000 has been entered while filing the return.

As an outcome of which,,the centralised processing centre has increased my INCOME by that amount (Say Rs 3,00,000---As its cited above) and accordingly it has sent a demand order asking to pay Tax & Interest on that Rs 3,00,000.

However it might be clear to you,,that it was just a typing error while filing....I mean instead of Rs 3,50,000,,the clerk has typed Rs 50,000 and accordingly filed the return.

Can I file a REVISED RETURN now?? Just to rectify that mistake of mine....
Though I have already received a Demand Order from Centralised Processing Centre at Bangalore??

mohinder kansal

mohinder kansal (Expert)
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26 July 2010 when interest income is typed 50000/- instead of 350000/-, how CPC came to know that interest was 350000/- what is the basis.

and if there is basis, and the assessee has shown interest as Rs. 50000/- instead of Rs. 350000/- and he has not paid tax on full income, then there should be no problem in depositing the demand.

ALOK

ALOK (Querist)
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27 July 2010 The case is not of showing or not showing INTEREST income.....

I think--I am not being able to make my point clear....

I have not received but paid interest on Unsecured Loans....

(Gross Profit-Depreciation-Interest-Other Expenses- ...etc etc)= Net Profit

And Income tax is paid on Net Profit....

So while in calculation of net Profit....

The amount which was deducted as Interest from Gross Profit ws wrongly entered...

Hope you are getting my point....

And please let me know if their is any procedure to file REVISED RETURN??