Mistake in itr

248 views 9 replies

Yogesh

139 Points Joined January 2016

I have filed ITR for AY 2016-17 on 29/03/2017

Return is E-verified on 30/03/2017

It is Nil Tax Return with Gross Total Income of Rs. 298000 and Deduction u/s 80C 30000.

Status of ITR at present is: Successfully E-verified

(i.e. it is at present not showing that ITR processed)

Now the Problem is Gross T/o is Rs. 11,20,000 but by mistake it is filed 31, 20,000.

Is there any solution make rectification of this?

What consequences could be there now? (as profit %age in earlier retturns is 25-26% but now due to wrong T/o it comes to 9%)

Please provide solution

Thanks

Replies (9)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210688 Points Joined July 2016

"Is there any solution make rectification of this?"

Belated return cannot be revised/rectified now.

"What consequences could be there now? (as profit %age in earlier retturns is 25-26% but now due to wrong T/o it comes to 9%)"

Nothing, as still its above 8% i.e. minimum required by department.

Thanks sir One more question I have Will the department demand any clarification regarding this? As when in the earlier years T/o was 10-12 lac profit %age was 25-26% but now when T/o is around 30 lac it comes to 9%?

Sivaiah Ganga

68 Points Joined April 2017

Your case, probably, may be selected for scrutiny and at time you may be asked to substantiate.... By the way, what is the nature of income offered... Is it business income or professional income.... If it is professional income you can expect a scrutiny notice