Revision of income tax return after its processing

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2016 Sir,
My client has submitted his original return of income in ITR-4, in time for 2014-15 Asst.year. Later he came to know that, he has omitted to show income from salary, on which TDS was also deducted. When we tried to revise it, the CPC portal is not accepting it. Since the income exceeded Rs.5-00 lakhs it is to be submitted on line only. The assessee wants to revise his return what is the wayout please tell me

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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24 April 2016 Since the time for filling of return of income is already expired for ay 2014-15... In this case you need to first compute your revised tax liability after considering omitted salary income and tds... Compute interest too... And amount soo computed need to pay... Then file a paper return... For AY 2014-15 along with proof of payment of taxes... For detailed... Please refer circular no 9/2015

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Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2016 Sir, I have read the circular. It refers to belated claim of refund in which the Pr.CCIT/CIT can accept the condonation of delay in submission of refund claim. In this case there is no refund claim. We tried to submit even before expiry of limit provided under section 139, but it did not accepted.

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CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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25 April 2016 First you need to pay taxes as calculated after considering Salary income... For AY 2014-15... And if even you are not able to file belated return... But you still able to avoid penalty of concealment of income...

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