On 21st,May'2015 my ITR AY14-15 was submitted online but forgot to send ITR V to CPC when I received SMS on 11th,June'2015 for non submission of ITR V I came to know that the person has wrongly submitted ITR 1 Form instead of ITR 4. I downloaded ITR 4 to revised my ITR 1 with ITR-4 and again came to know that under deduction of 'House Property'the maximum interest payable on borrowed capital is Rs.150000.00 which is taken in ITR-1 Rs.130000.00 only. Difference is Rs.20000.00. Now the situation is, I need not only to revise my tax part in ITR, I also have to revise my ITR Form. Please suggest how to do and manage. Whether should I wait until and unless CPC reject my ITR-1 Filled online in absence of ITR-V or submit request for rectification.
17 June 2015
you have to wait for the return to be rejected before you file the new return. since the return that you have filed now is a belated one, it cannot be revised until rejected.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
17 June 2015
It means revision in Tax element and ITR Form Change both if i do then will be better. Thanks for replying Mr. Nikhil Kaushik. One thing more i.e. (1) when CPC rejects my ITR -1 and send query to submit ITR-4, should I submit Revised one or new. (2) Is there any penalty or objection, when i revise house-property part as mentioned above in ITR-4(New/revised)
17 June 2015
they can't take cognizance of the return filed by earlier. Once you file the new return, I don't see any reason by a penalty should come into picture
Querist :
Anonymous
Querist :
Anonymous
(Querist)
17 June 2015
Thank you so much for taking initiative to reply as well.