By revising the income tax return can i get the refund now

As per the Income tax Act, if any person discovers any omission or wrong statement in his returns, there is a provision u/s.139(5) which allows you to file Revised Return at any time before the expiry of one year from the end of the relevant assessment year. So, in your case you have the chance still to file your revised return.

In my opinion, you can revise your return before March 31, 2013. As you have came to know your brokerage income after filing of original return, there is a provision to re-file the return. Hence, it is advisable to file it as soon as possible to avoid interest or penalty from the department. However, if the income tax department completes the assessment of your original return, then in such a case, you don't have the chance to file a revised return u/s.139(5). So do file the return as soon as you can.

Thank You krishna.. 

Originally posted by : Krishna
	In my opinion, you can revise your return before March 31, 2013. As you have came to know your brokerage income after filing of original return, there is a provision to re-file the return. Hence, it is advisable to file it as soon as possible to avoid interest or penalty from the department. However, if the income tax department completes the assessment of your original return, then in such a case, you don't have the chance to file a revised return u/s.139(5). So do file the return as soon as you can.

Agree. plus you should ask for all TDS certificates from your friends and show that brokerage income according to Form 16A. The Form 26AS data may not be complete as some of the deductors might not have submitted this data yet to the Income  Tax authority. After that you should file revised return.

Thankyou very much.

its not sort of concealment, my friend is an illiterate so he was doing his commission business in my name.

i have filed my return on 30/07/2011. and now i am revising my return.

thanks once again

Originally posted by : Meena
	Thankyou very much. its not sort of concealment, my friend is an illiterate so he was doing his commission business in my name. i have filed my return on 30/07/2011. and now i am revising my return. thanks once again

ignorance is not an excuse, in case the file is selected for any investigations, you can feel the pain for suich statements!!

if you have allowed your friend to do business in your name , then its your duty to collect data and add the same in your personal returns, 

filing of revise return may resolve the issue right now.

Originally posted by : U S Sharma
	Originally posted by : Meena Thankyou very much. its not sort of concealment, my friend is an illiterate so he was doing his commission business in my name. i have filed my return on 30/07/2011. and now i am revising my return. thanks once again ignorance is not an excuse, in case the file is selected for any investigations, you can feel the pain for suich statements!! if you have allowed your friend to do business in your name , then its your duty to collect data and add the same in your personal returns,  filing of revise return may resolve the issue right now.

@ U S Sharma- I think you need to relax. If she files the revised return on time declaring all required particulars, it won't be a trouble at all

@ Prakash

Revision of returns will resolve the issue, i have also pointed that, after confirmation of the date of filing.

But, have made to her knowledge not to declare the things as mentioned by her, stating that she was not aware of her incomes which is done on behalf of her, by her friends, as these type of statements allow the taxmen  to dig the heaps of doubts that there may be some more income of such types which is not disclosed, so its better to show that these are "skipped at the time of filing" in place of "not known as somebody else has earned on behalf of yourself"

I think Mr. Sharma has a point.