Itr for ay 2017-18

S ELAVARASI (ACCOUNTANT) (2975 Points)

31 July 2018  

Dear Experts.,

A Asseessee file his ITR 4 for AY 2017-18. The return filed by a neighbour of his home. ITR filed based on loan. But, As per my view and check the Bank statement of his value is less than the ITR Value.

Actual Values are in Bank Statement Rs. 19 Lakhs and Cash Receipts like Rs. 8 lakhs. Totally Rs. 27 Lakhs....

But, In ITR the Value shown Rs. 43.15 Lakhs. and Profit Shown Rs. 475,180Tax Paid Rs. 20384 (with Int)...  

 

Can I go to revise the ITR for actual Value...? If yes

Can I show the Profit less than above....? If yes

Can I get Refund the excess paid amount...?

Is any problem in future if I revise the Value in Original to Revised...?  

 

Please give your feedback and Advice. The Asseessee is very feel about this filing... 

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