Mis-filed itr

Page no : 2

SAIED MOHAMMAD (TAX - CONSULTANT) (35 Points)
Replied 06 April 2015

Dear Friends

Sec. 139(5) of I.T. Act, allow to revised the return only on the cases where the return file before due date ( i.e. 31.07.2014, in the current situation )

First we need to check with Mr. Wae, the date of submission of original return.

Mr. Wae :- The option of revised ITR is available all the time, it is no need to open. You can revised it if the original return submitted before 31.07.2014.

Thanks

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Wae Jing Lonthaw (Others) (341 Points)
Replied 06 April 2015

Total tax showing which needs to be refunded u/s 139(5) is greater than the amount of Tax Refund already got while filling original ITR... In other words when I filed original ITR for FY 2013-2014 I got TDS refund and now when filling revised ITR u/s 139(5) I need to reduce the amount of refund IT department must send to me for TDS.... as part of the refund I already got when filled original ITR.

SAIED MOHAMMAD (TAX - CONSULTANT) (35 Points)
Replied 06 April 2015

DEAR WAE :- As I develop My under standing by your query, when you file original return, you claimed the TDS Refund of Rs 100/-, after that you observe that the GTI file by you in Original ITR is wrong. Now when you work on revised return you concluded that the result of revised return calculation will reduce the tds refund ( i.e. 100 to 90 etc ) There would be a difference of Rs 10 arises. Now it that situation following option are available with us.

OPTION-1 In that case you can deposit difference amount, under the heading “SELF ASSESSMENT TAX” before submission of revised Return

OPTION – 2 You can wait for assessment of Revised Return, when CPC raised the demand , then also you can discharge you liabilities by deposit the same. Under the heading ‘TAX ON REGULAR ASSESSMENT”

OPTION-3 When CPC assess the revised return and raised a demand, you can set off that demand against the TDS Refund which will claim by you in the next assessment year ( 2015-2016 ), for that CPC will raised a notice U/S 245 for adjustment of outstanding demand.

Wae Jing Lonthaw (Others) (341 Points)
Replied 06 April 2015

In original ITR the TDS deducted suppose was INR 75/- and now after revising ITR the total TDS deducted shows INR 100/-... Hence in revised ITR I need to get refund of just INR 25/- and keep total TDS paid for the FY field at INR 100/-...