Anitya ( ) (287 Points)
10 January 2019Hi Members,
Please suggest on the following query.
A senior citizen has filed his ITR for AY 2018-19 in July 2018 with net income of Rs. 4,70,000.00. Now he wants to revise his ITR with net income of Rs. 6,70,000.00. Will late fee be levied along with interest on his revised ITR?
Thanks.
Sarath Rajendran
(Nil)
(2791 Points)
Replied 10 January 2019
No late fee if you filled ITR before due date and revised it later
If ITR filled after due date, you can't revise that return
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 10 January 2019
Anitya
( )
(287 Points)
Replied 10 January 2019
@ Raja Sir, it is verified. The bank is asking for higher income in ITR for loan.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 10 January 2019
Amarjeet Kaur
(self employed)
(108 Points)
Replied 12 January 2019
what if tax liability arises due to revision of the Return ?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 12 January 2019
CAclubindia
