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Mis-filed itr

02 April 2015

Hi, I just checked that I filed ITR for AY 2014-2015 and declared Gross Income around INR 5500 while it should have been around INR 55000.... I realized that I entered details of TDS refund into Gross Income... Is there need to file revised ITR just to correct this mistake? I was not required to file ITR but still filed the ITR to get TDS refund and applying to Credit Card or Loan in future and thinks that I need previous ITR this year to apply for a Credit Card...
Also when the dates will open to file ITR for the FY 2014-2015 on ITR website? And what form do I need to fill as my Income is from FD Interest, payment by overseas clients and companies in USD which gets converted to INR when it arrives in my Bank Account? I have no fixed Salary....

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18 Replies

Vivek Venkataram (Just cleared CS(441/800) now C.A Final Attempt in May 2015) (772 Points)
Replied 02 April 2015

Yes u can file revised return. I dont think u will get any scrutiny call for such a low income shown but for your personal reasons u can file revised return to correct your error. I am not aware about when it will open. If you are running a consultancy u can fill ITR 4. Or else just itr 2 will suffice and u can put that income in other sources along with your bank fd. Cheers

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Wae Jing Lonthaw (Others) (341 Points)
Replied 02 April 2015

What form I need to fill for revised ITR or previous fiscal as mentioned above to correct the mistake?

Vivek Venkataram (Just cleared CS(441/800) now C.A Final Attempt in May 2015) (772 Points)
Replied 02 April 2015

Same itr form as before but u/s 139(5). U have time uptil 31st march 2016 to do the same but better do it at the earliest. Just take your previous return working file. Amend the mistake pass it through the system and upload it under the above said section.

CA HAYEDAR SHAIKH (Practice ) (627 Points)
Replied 02 April 2015

Agreed with Vivek.

Vivek Venkataram (Just cleared CS(441/800) now C.A Final Attempt in May 2015) (772 Points)
Replied 02 April 2015

Thanks hayedar... ;)

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Vivek Venkataram (Just cleared CS(441/800) now C.A Final Attempt in May 2015) (772 Points)
Replied 02 April 2015

Hope its clear now Mr. Wae. Cheers

Wae Jing Lonthaw (Others) (341 Points)
Replied 02 April 2015

You sure I have time till 31-March-FY 2016 as the return to be corrected we talking about is for FY 2013-2014 ?

Vivek Venkataram (Just cleared CS(441/800) now C.A Final Attempt in May 2015) (772 Points)
Replied 02 April 2015

Yes one year from the end of the assessment year.

assessment year ends in 31 st march 2015

so uptil 31st march 2016.

do it now so ull be free from the burden

Wae Jing Lonthaw (Others) (341 Points)
Replied 02 April 2015

Originally posted by : Vivek Venkataram
	Yes one year from the end of the assessment year. assessment year ends in 31 st march 2015 so uptil 31st march 2016. do it now so ull be free from the burden

I think this is applicaple to only revised ITR i.e. to correct previous ITR? and the last date to file fresh ITR for FY 2014-2015 is July-31st-2015 ?

Vivek Venkataram (Just cleared CS(441/800) now C.A Final Attempt in May 2015) (772 Points)
Replied 02 April 2015

Yes mr wae. U have to file revised itr. As u have already filed itr showing wrong income. Correcting your mistake regarding previous itr by filing a fresh itr is called as revised filing of return us 139 (5). Dont worry so much. And do thank me once your work is done. Cheers

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Vivek Venkataram (Just cleared CS(441/800) now C.A Final Attempt in May 2015) (772 Points)
Replied 02 April 2015

For current years fresh itr u have time till 31st july to file normal return us 139(1) ie for fy 14-15 ay 15-16. Ok?

Hitesh Khanna (Accounting & Finance Taxation Company Law Audit ) (839 Points)
Replied 02 April 2015

First of all I would advice you to file a revised return as early as possible. Kindly note that this is Income Tax Return and something which is to be taken lightly. Every word there has a significance. Also this is to inform you that a return of Rs 55000 will not solve any loan purpose. Even a credit card won't be issued against such income . You may be able to File your returns for the Fy 2014-15 by the Mid Month of May 2015 as the forms for FY 2014-15 shall be available by such date. And Finally the last date for Filing of Return in your case shall be 31 July 2015.

Jyoti Kothari (Partner) (36 Points)
Replied 02 April 2015

Have you filed a belated return? Meaning...filing return after 31st July 2014? In that case you wont b able to revise your return. Else the solution provided by vivek is perfect for your F.Y 13-14 query. For 14-15, just wait till the utility comes.