CA B Anand (CHARTERED ACCOUNTANT) (198 Points)
30 July 2010ASSUME A PERSON, PAYS HIS ENTIRE TAX ( RS.3,00,000) WITHIN THE PREVIOUS YEAR.(2009-10) AND FILED RETURN WITHIN THE DUE DATE . FOR THIS CASE DUE DATE IS 31ST JULY 2010.
LATER HE REALISES THAT LOSS ON HOUSE PROPERTY WORTH RS.10,000...IS TO BE CLAIMED.. HENCE HE REVISED THAT RETURN ON 31ST JULY 2011.
NOW WHETHER IT WILL ATTRACT INTEREST U/S 234 A , FOR NOT FILING RETURN WITHIN THE DUE DATE, SPECIFIED?
Kushal Bansal
(CA Final, CS Final)
(286 Points)
Replied 30 July 2010
there will b no interest u/s. 234A if original return is filed before due date...
revised return in this case can b filed upto 31.03.2012 or completion of assessment whichever is earlier...
rrevised return substitutes the original return from the date on which original return was filed...
Regards...
CA Rahul Jain
(Job)
(148 Points)
Replied 30 July 2010
ya right there is no intt. u/s 234 since return is filled before due date so there is no q arise of intt. one can revised the return before the completion of assesment or end of one year from the completion of a.y whichever is earlier
Harpreet
(* * * * * *)
(1670 Points)
Replied 30 July 2010
I am totally agreed with Mr. Kushal & Rahul....
| Originally posted by : rahul jain | ||
 |
ya right there is no intt. u/s 234 since return is filled before due date so there is no q arise of intt. one can revised the return before the completion of assesment or end of one year from the completion of a.y whichever is earlier |
 |
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 30 July 2010
AGREED WITH ALL FRIENDS...
prateek rijwani
(Industrial Trainee)
(125 Points)
Replied 30 July 2010
Totally agree with all my frns.........
On Revision of return u/s 139(5),it is presumed that the revised return was filled on the date when the return u/s 139(1) was actually lodged.......
harish .k
(STUDING)
(306 Points)
Replied 30 July 2010
Ya totally agree with the above friends interest would not attract on the revised return , if the tax payment and filled the return with in the due date , The assessee can Revise the return and claim the loss from HP
Amit Gupta
(Loosening Myself)
(1508 Points)
Replied 30 July 2010
| Originally posted by : Kushal Bansal | ||
|
|
there will b no interest u/s. 234A if original return is filed before due date... revised return in this case can b filed upto 31.03.2012 or completion of assessment whichever is earlier... rrevised return substitutes the original return from the date on which original return was filed... Regards... |
|
RIGHT
Jayendra Modi
(NA)
(21 Points)
Replied 31 July 2010
Ya, i agree with all my friends as the time limit for filing revised return u/s 139 (5) is
i) within 1 year from end of the relevant A.Y i.e 2010-2011 or
ii)completion of assessment which ever is earlier.
CAclubindia
