Revision or income tax return ay 11-12

This query is : Resolved

PUNISH CHAUDHARY (Querist)
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11 September 2011 one assessee declared wrong amt of income Rs 260000/- and taken rebate of senior citizen where as his age was 61 years in pr year 31.3.2011 and paid tax of 2000/- on income

itr v has not yet been sent ,

can we declare lesser income (170000/-)in revise return upto the tax paid
and will itlead to explanation by department

CA Prashant Shrivastava

CA Prashant Shrivastava (Expert)
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12 September 2011 If you do not submit the ITR-V, then it will deemed that no ITR has been submitted by you. In such case you can file a fresh return u/s 139(4), But remember that the earlier ITR for which you have not submitted the ITR-V, the Income Tax Department have the information of that ITR also. As per my opinion in such a case it will be better that, you sent ITR-V and then revise the ITR u/s 139(5)and prepare your-self for the explanation for revising the return.

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