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Revision of return

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(Querist)
13 February 2016 Respectable Experts
Belated ROI was filed for AY 2014-15 now its discovered that we forget to pay tax on Short term capital gain and excess claimed the expenditure.
Since ROI was filed late we can`t revise the return. We want to pay tax and file correct Return before department take any action. How can we do so. plz tell me any section, which allow us to avoid a penalty.
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CA Vap Patel

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CA Vap Patel (Expert)
14 February 2016 Dear Shyam,
Same happened in mine case and then I filed physical revised return with brief explanation letter with my local AO. The benefit of this step is you can avoid any possible penal provision from department. Hence File physical return with your Local AO. Suppose if he reject or refuse to accept the same you can simply file the latter with department and pay your tax still you can avoid any penal action

Regards
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