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Itr 4s silly mistake by me :(

Anjali Agrawal (Student) (67 Points)

04 October 2015

Today i have filed itr 4s for 2013-14, 2014-15 but i have made a mistake i purchased the house during 2014-15 but in itr 4s column-B3 of year2013-14 i have selected house property income as "self occupied" but in 2013-14 i didnt have any house as i have purchased it in 2014-15 by mistake i selected self occupied option and submitted the return.....is it a minor mistake??? will there be any difficulty in future??

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7 Replies

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 05 October 2015

self occupied means you have no Taxable income from that property, however in property details column you had to enter property details. it may get overlooked as there is no actual income to be added.

but as the return is filed belated and after lapse of AY also, if selected for regular assessment then you have to accept your fault,

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Miss Rinkal (Student) (1309 Points)
Replied 05 October 2015

@ U S Sharma.

It is incorrect to show wrong details in itr. It can lead to penal provisions

@ Anjali

If you have made a mistake for a belated return, revise return is not possible but you can get it rectified u/s 154 - Request for rectification

The status of rectification whether it is approved or erejected can also be seen online

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 06 October 2015

cumbersome situation, as there are too much provision of penalty and concealment under the law for so much delay in filing the return.

1) straightway 5000/- penalty for late filing of return, if the date of filing return is taken in notice by the AO

2) if selected for scurtiny then ITO will insist that the property was brought in the year of declaration, and wiould like to add the value under taxable income, however the assesee may file appeal and get rellef from the appelete authority.

3) in General practice, a property is not sold overnight , so there may be some agreement on 31/03/2014 i belive, and some kind of token advance may had been paid also, i belive, on that ground you can save yourself that as agreemtn was there the property is booked for yourself only, however final procurement and payment was done in later year/s, keep your records fulfilled as per the return filed,

4) Sec 154 is an alternative to rectify yoiur mistakes, but it can be done only if you are assessed u/s 143(1), and demand raised or no demand case, but if the file is pulled for regular / scurtiny u/s 143(3) then you have to appear and face the situation.

Anjali Agrawal (Student) (67 Points)
Replied 06 October 2015

Please be positive and give practical advise there is no requirement of your this much information when you cannot even advise practically....it seems that you are a completly negative person....a CA always try to save his client from this type of Minot mistake and you r saying that this return will be selected for scrutiny in practical there are many people who hides crores of income which IT department also know and I am showing income less than just 2 lacs...and i have purchased a house after working for 30 years.....please first complete your article training of 3 'years and gain some practical knowledge in the ground then only enter into this prestigious profession.... Don't spread fear and negativity

Miss Rinkal (Student) (1309 Points)
Replied 06 October 2015

@ Anjali Agarwal: At whom are you addressing to? I have provided you with a possible solution that could be availed by you.

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Anjali Agrawal (Student) (67 Points)
Replied 06 October 2015

M addressing it to Mr. U S SHARMA... What's ur opinion about this...m I right in my reply??

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 08 October 2015

Originally posted by : Anjali Agrawal
	M addressing it to Mr. U S SHARMA... What's ur opinion about this...m I right in my reply??

In my 1st reply i have tried to eleborate the situation, as it does not fetch any revenue to govt, mere data is put there, and unless they feel that an evasion is there which could be dig out by making scurtiny, department ignores the facts,

However I am unware of the status of the person, and the tax liability, so can not make any proper comment on the subject, with such less information, its upto the department, 8 out of 10 belated filed returns ( filed after the lapse of assessment year) get cleared without penalty u/s 148 even, but that does not makes guaratee for all to get cleared.