Wrong itr filed by mistake

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Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2013 I had e filed itr 1 with all the values zero by mistake actually i have the professional income with tds refund and its belated return . so now how can i get the refund?
AY 2013-14 & itr processed at cpc with no demand no refund.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 December 2013 did you file the return before or on the due date? if yes, then you can file revised return.

Guest

Guest (Expert)

28 December 2013 U can claim that refund by filing rectification application under section 264

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 December 2013 Dear Rachit,

1. the option of revising return is available to the assessee.

2. rectification is filed under 154. There is no need to go for 264 at this stage.

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Guest

Guest (Expert)

28 December 2013 Ya sorry under section 154...and dear Nikhil in his query it is clearly written that its a belated return.that how he can revise his return??

@VaibhavJ

@VaibhavJ (Expert)
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28 December 2013 Agree with Nikhil.

Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 December 2013 Dear Rachit,

But can assessee revise the income details in the rectification request??

check that!

And yes if it is belated return, the assessee has no option to avail.

Guest

Guest (Expert)

28 December 2013 Dear Nikhil
Ya According to me it can be rectified in section 154.So according to u whats the solution to this problem then.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 December 2013 you cannot revise the income details in the rectification request. Please refer Rectification Manual issued by CPC Bangalore Page 6.

Guest

Guest (Expert)

28 December 2013 SO you know any solution for this query now??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 December 2013 nopes. thats what I already said earlier. The only solution comes up if the return is transferred to jurisdictional AO. There you may make claims during the assessment.

Guest

Guest (Expert)

28 December 2013 Dear Nikhil
ok.SO no option left.As return is filed nil So very few chances of assesment.
Thanks for updating me.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 December 2013 not necessarily. Since the income tax department has the TDS details available. In such cases, often return is sent to jurisdictional AO.

CA Abhishek

CA Abhishek (Expert)
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28 December 2013 A belated return can not be revised, but since it is a mistake apparent on record you can go for rectification u/s 154.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 December 2013 Dear Abhishek,

Income details cannot be revised. Hence even rectification is not an option here!

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CA Abhishek

CA Abhishek (Expert)
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28 December 2013 U/s 154(2), the income tax authorities may make the rectification :
1. On its own motion
2. on application made by the assessee or the deductor bringing the mistake to the notice of the authority concerned.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 December 2013 what? how is that relevant??

CA Abhishek

CA Abhishek (Expert)
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28 December 2013 Dear Nikhil, I think that it is a case of mistake apparent from record as neither the income nor the tax credit had been claimed by the assessee and the same has also been ignored by the CPC. But, the form 26AS should have shown about the tds amount of the assessee, which should have been taken in to account, while making the assessment, that's why the assessee can opt for rectification application u/s 154. (its my personal opinion)

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2013 whether he should go for online ractification?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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29 December 2013 Dear Abhishek,

Reflection of TDS credit in Form 26AS is of no proof of income during the relevant assessment year as it is at the option of the assessee to claim credit of TDS on the basis of income offered in return (which is nil in this case). So it doesn't automatically an apparent mistake.

TRINATH

TRINATH (Expert)
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30 December 2013 HI,

NIKHIL BHI.

Tnks,

Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2013 So , What's the solution experts?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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30 December 2013 unfortunately, no direct solution. You may try filing rectification application. Whether or not it is accepted is something we cannot comment upon with guarantee.

Alternatively, you can include the relevant income in next assessment year and also claim credit for the same in next year (this however shall be on fact to fact basis and should not be considered as a blanket advice)

Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2013 thx & if u get any direct solution then tell me..thx once again.