Vivek Agrawal (GST Practitioner) (181 Points)
14 January 2016The IT return of AY 2012-13 was filed on due date.
A revised return was file before 31.03.2015
Now the assessment is under process u/s 143 (3) in the current month say Jan 2016 and it has not been completed till date
At the time of assessment proceeding, i find that wrongly i did not adjust the C/f depreciation loss of earlier year and as such my taxable income is showing more.
Now can i file a revised return during assessment proceeding to correct the above mistake.
CA Mehul Chudasama
(Chartered Accountant)
(618 Points)
Replied 14 January 2016
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 14 January 2016
you can not file revise return now
because revised return can be revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier
and in your case your return could be revised only upto or before 31/03/2014 or completion of assessment Which ever is earlier.
Hence 31/03/2014 is earlier than completion of assessment .
but my advised is to check the dates and assessment year you have mentioned in your question. It seems something wrong.
Rohit Johri
(Team Lead)
(24 Points)
Replied 16 January 2016
Rohit Johri
(Team Lead)
(24 Points)
Replied 16 January 2016
Tony John
(Chartered Accountant)
(6085 Points)
Replied 16 January 2016
There is no bar in the number of revised returns that may be filed in order to make good an omission or wrong statement in the earlier return filed. But it must be filed within the time limit prescribed in Section 139(5).
Hence with the given info, my opinion is that the last date upto which you could have validly filed a revised return for AY 2012-13 was 31-03-2014 since the scrutiny assessment has not been completed yet.
CAclubindia
