Vunu (Developer) (135 Points)
28 March 2018ITR1 for AY 2016-2017 was filed after the due date on 2016/12. It was successfully processed and refund is received.
ITR1 for AY 2017-2018 was filed before due date on 2017/07. It was successfully processed and refund is received.
My question :
Can I file revise return for AY 2016-2017 and AY 2017-2018 before 2018/03/31?
I need to add few amounts related to FDs.
Please reply soon.
Rahul Prajapati
(Student)
(2282 Points)
Replied 28 March 2018
BEALTED RETURN FOR AY 2016-17 CAN'T BE REVISED.
YOU CAN REVISE FOR AY 2017-18
Budget, 2016, w.e.f. 1st April, 2017, now the belated can also be revisedin the same way as the returns filed within due dates are revised i.e., within 1 year from the end of the relevant Assessment Year or the assessment been made by the department, whichever is earlier.
CA Naveen Chand
(Chartered Accountant)
(12734 Points)
Replied 28 March 2018
YOU CAN'T REVISE FOR A/Y 2016-17
HOWEVER, YOU CAN REVISE THE ITR FOR THE A/Y 2017-18 TILL 31-03-2018
Vunu
(Developer)
(135 Points)
Replied 28 March 2018
Rahul-ji, Naveen-ji, Thank you. As the ITRs also already processed can I skip revising it? Because even though if I file now, there is no tax liability. Just I wanted to show few amounts related to FDs and few amounts related to Exempt Income. Please suggest.
Rahul Prajapati
(Student)
(2282 Points)
Replied 28 March 2018
AS PER MY VIEW THERE IS NO NEED TO DISCLOSE, AS YOU SAID, IT AS THERE WOULD BE NO TAX LIABLITY.
SORRY TO SAY BUT TAKE ANOTHER ADVICE ALSO. I M NOT EXPERT
CA Naveen Chand
(Chartered Accountant)
(12734 Points)
Replied 28 March 2018
| Originally posted by : Vunu | ||
 |
Rahul-ji, Naveen-ji, Thank you. As the ITRs also already processed can I skip revising it? Because even though if I file now, there is no tax liability. Just I wanted to show few amounts related to FDs and few amounts related to Exempt Income. Please suggest. |  |
NO NEED TO SHOW SUCH NOMINAL AMOUNT BUT DONT FORGET TO PUT IN FUTURE
CAclubindia
