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Double Return Filed for a single Ass. Year

Arpit Manot (Chartered Accountant) (29 Points)

19 March 2010

Fellow Professionals,

Here is a very typical case in which there are two returns filed of an Assesee for a single Assessment Year 2009-10.

The details are: First return was paper filed on 1.8.2009 showing income from Retail Trade with NIL Tax Liability.

Second return was e-filed on 15.3.10 with Commission income with tax liability of 2000/- which was paid, but the ITR-V is yet to be send to Bangalore.

Whats the remedy in this case? Require some urgent advice from Enlightened professionals like you.

You can reply at arpit_manot @ hotmail.com with your valuable suggestions.

Thank you,

CA Arpit Manot

+91-98251-64846

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10 Replies

Divya K S (CA) (289 Points)
Replied 20 March 2010

The ITR is valid only if the ITR - V is sent to CPC Bangalore. Hence, the ITR with commission income filed online will be invalid. Since, the ITR is filed manually initially, you can file a revised return online showing both trading income & commission income. The ITR acknowledgement number of manually filed return can be entered in the E return.

1 Like

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rahul pandit (Article Assistant) (53 Points)
Replied 20 March 2010

no need to worry the subsequent return will be considered as revised return. so. you first send the ITR 5 of the filed return to Bangalore.............

1 Like

Vivek Angrish (Manager Finance & Accounts) (232 Points)
Replied 20 March 2010

No, i don't agree with Rahul Sir, as we have to mention while filling up of the form that whether the return is original or revised, and if the return in revised we have to mention the aknowledgement no. of the original return filed to the deptt., there is no assumption by the I.T Deptt. that if a person has filed two returns mentioning original then they will assume that the second return will be final.

So, In Arpit sir's case, ITR - V should not to be submitted to Bangalore and by doing so the return so submitted will be invalid after fifteen days of generating of ITR-V and then he can file the same return again mentioning revised return and the acknowledgement no. of the original filed return. But do all this before 31st March 2010.

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amit jain (Chartered Accountant) (532 Points)
Replied 20 March 2010

the subsequent return will not be considered as revised return so.. the itr-v of later one need not be sent ot bangalore.

1 Like

Arpit Manot (Chartered Accountant) (29 Points)
Replied 20 March 2010

Sir,

The return cannot be revised as the first return is not filed within the time stipulated u/s. 139(1).

Can the commission income be treated as the income of current F.Y. as cheque is received in this F.Y.??

Please take both the matter together and provide your valuable suggestion..

Thank you,

Arpit

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Amir (Learner) (4016 Points)
Replied 21 March 2010

Dear Sir,

The e-return filed in this case is not a valid return...It cannot be treated as revised return since original retirn was a belated one.

In ur case, If u have received the commission in the current year then u can show this as a income of current year...........But Bigger question is the assessment year which u have mentioned on the challan.............just file a return for AY 2010-11 after taking into account this commission income n treating that tax paid as advance tax.....nw AO will obviously not allow d claim of advance tax (Rs. 2,000) n will issue intimation u/s 143(1) , its d time when u will be explaning to AO to allow u d credit of Rs. 2,000.......I m sure it will not be a much fight since d amount involved in d question is not a huge one.........

Further Vivek sir, I agree with ur contention that while filing return we have to mention whether it is a revised return or the original one but mere fact that this has not been done doesnot in itself invalidate the return in the light of sec 292B READS AS FOLLOWS -

292B. No return of income, assessment, notice, summons or other proceeding, furnished or made or issued or taken or purported to have been furnished or made or issued or taken in pursuance of any of the provisions of this Act shall be invalid or shall be deemed to be invalid merely by reason of any mistake, defect or omission in such return of income, assessment, notice, summons or other proceeding if such return of income, assessment, notice, summons or other proceeding is in substance and effect in conformity with or according to the intent and purpose of this Act.]

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CA Saurabh Shukla (Accounts Executive) (223 Points)
Replied 23 March 2010

Here, i want to ask one question more

Whether Assessee is correct claiming Nil tax because he is in Retail trade Business.

U/s 44AD - 8% of Turnover is Presumtive income.

If Assessee is claiming that his income is less than presumtive income he has to make his books Audit.

vivek singhal (Chartered accountant) (79 Points)
Replied 23 March 2010

yes Sourabh Assessee is required to make audit of his books of accounts. 8% is presumptive tax rate. Basically this rate is for Assessing Officer Who does ex- parte assessment.

Gunjan Jain (CA) (127 Points)
Replied 24 March 2010

Section 44AD is used for civil contractor. Section 44AF is applicable for Retail Trade. For A.Y. 2010-11, rate is 5% and for A.Y. 2011-12, rate is 8%.

If i m wrong plz correct me.