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

Meena (Asst manager finance and accounts) (53 Points)

04 October 2011

Hai,

I have filed my income tax return basing on my form 16 for the AY 2011-12

in that i have only my salary income.

later now i have reliased that my frineds has done a commission businnes on my name

and used my PAN number. which resulted as, it is showing in my form 26AS as TDS has been deducted

for an amount of Rs. 3200 under 194H.

Now can i revise my return and claim such TDS as refund.

if so, how i have to show such brokerage commission as income and upto what amount.

Please help me with the needed.

Rgards,

Meena Kumari. J

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10 Replies

* Krishna * (CA Student) (6149 Points)
Replied 04 October 2011

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.

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* Krishna * (CA Student) (6149 Points)
Replied 04 October 2011

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.

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Meena (Asst manager finance and accounts) (53 Points)
Replied 04 October 2011

Thank You krishna..

CA Prakash Rai (CA) (129 Points)
Replied 04 October 2011

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.

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U S Sharma (glidor@gmail.com) (21063 Points)
Replied 04 October 2011

Originally posted by : Meena

Hai,

I have filed my income tax return basing on my form 16 for the AY 2011-12

- you have not mentioned the return filing date, if its within due date then only you can revise it.

in that i have only my salary income.

later now i have reliased that my frineds has done a commission businnes on my name

- nobody can make business in your name without knowledge of yourself, be corrective on your statements, it may lead you to concealment of incomes.

and used my PAN number. which resulted as, it is showing in my form 26AS as TDS has been deducted

for an amount of3200 under 194H.

Now can i revise my return and claim such TDS as refund.

- if the return is filed within due date, then very surely you can revise your returns, add the commission in your taxable income, calculate your taxes again, set off the same with TDS/ pay in cash with interest, and claim the excess TDS.

if so, how i have to show such brokerage commission as income and upto what amount.

- ask the deductors about the amouts on which TDS deducted. it would be added to your income for the year.

Please help me with the needed.

Rgards,

Meena Kumari. J

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Meena (Asst manager finance and accounts) (53 Points)
Replied 04 October 2011

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

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 04 October 2011

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.

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CA Prakash Rai (CA) (129 Points)
Replied 04 October 2011

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

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U S Sharma (glidor@gmail.com) (21063 Points)
Replied 04 October 2011

@ 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"

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