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Please help me.....it's urgent

CA Arindam Sain (Practice) (308 Points)

18 August 2010

Hi friends,

I have make an mistake while I have done efiling for a client (individual) of our office, Actually he has a larg amount of tax due i.e., around Rs30000/-. and more over the return is belated ...i.e., on 17/08/2010 for A.Y-2010-11.

I have calculated tax+Interest u/s 234. and paid tax accordingly, but when i click on calculate tax on efiling retrun, it makes Rs25/- tax payable.... I have overlooked the issue and upload file .

Now, I really anxious to know ..and I think it cannot be revised also as it is belated return....what would happened for that....is A.O would send notice for mere rs 25/-,??

pls. help...

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13 Replies

Dheeraj (Learner) (1100 Points)
Replied 18 August 2010

AS PER MY OPINION

THIS IS NOT A BELATED RETURN

IT WILL BECOME BELATED AFTER 31 MARCH

AND IT CAN BE REVISED ANY NO. OF TIMES UPTO THE END OF ASSESSMENT YEAR I.E 31 MARCH

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CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
Replied 18 August 2010

Return is belated and cannot be revised . A return can be revised any no. of times if return has submitted within time prescribed under section 139(1)

In may opinion AO would not send the demand notice because amount is very very less.

CA. BIJENDER KR. BANSAL (ACA, B.COM) (8148 Points)
Replied 18 August 2010

RETURN FILED AFTER DUE DATE IS BELATED RETURN . IN ABOVE CASE RETURN OF INDIVIDUAL DUE DATE IS 31ST JULY , RETURN IS FILED 18AUG I.E IT IS BELATED RETURN U/S 139(4).

IT CAN'T BE REVISED.

DON'T WORRY . IT IS NOT A HUGE AMOUNT. IN SUCH MINOR AMOUNT, AO MAY NOT SENT DEMAND NOTICE , IF SENT THEN DEPOSIT SUCH AMOUNT.

CA Arindam Sain (Practice) (308 Points)
Replied 18 August 2010

Thank you very much to all of you......

CA Mohit Thareja (Assistant Manager-Accounts & Finance) (1117 Points)
Replied 18 August 2010

really it is so less amount AO would not send any notice..............

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CA kuldeep kothari (own practice) (375 Points)
Replied 19 August 2010

it is belated return filed u/s 139(4) which can't be revised. in my opinion A.O won't send any notice for 25rs

Paidi Sujith Reddy (Final) (35 Points)
Replied 19 August 2010

Demand Notice for Rs 20 ll not be issued as it is such a negligable amount

Rishab (A.C.A.) (155 Points)
Replied 19 August 2010

There could be mistake from you side in calculation of Tax or the delayed interest,

Also its possible that you calculated the tax without rounding of the amounts or so. – that’s why the auto calculation is showing Rs. 25/- due.

But I don't think A.O. would be so curious to send Notice for Rs. 25/- (The department would incur expenses of Rs. 25/- to send such Notice Ha. Ha. Ha)

How can such a petty issue be urgent!

Even if Notice is received tell your client to pay that amount, anyway its his Liability & should be borne by him alone.

If you receive the Notice do let us know!

Dr. Paras Jain (Chartered Accountant) (1238 Points)
Replied 19 August 2010

Due Date is undoubtedly 31/07. So return filed on 16/08 is beleted and can not be revised. BUT NO ONE CAN STOP YOU FROM PAYING TAX AFTER ASSESSMENT

S. 156 ( notice of Demand) is meant for the kind of situations you mentioned. There is no interst on interest. You have not concealed any particulars. So ther is no 147/143(2) for . non paymenr of interst of Rs. 25. So what are you afraid of .

This was law. In practice you will get a printed agvice from Banglore . since amount is less han 100 they will not even give a prepaid shallan . Does it make you happy ??

CA Arindam Sain (Practice) (308 Points)
Replied 19 August 2010

thanks to all of you.....

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A.K.Agrawal (Investments & Finance) (132 Points)
Replied 20 August 2010

No case of concelment or Revision or anxiety. It is merely a calculation mistake which is covered by sec.154 to be rectified either by you or by AO. In case of no demand, the assessee neither receives any Asst. order. nor comes to know of completion of the case. In such cases, receipt of saral form is treated as Assessment Order. In your case if demand is raised, you will be happy to receive a SOLID ASST. ORDER & to know that Asst. is completed before paying merely approx. Rs.30/- So be relaxed. Sing all is well !!! in either case.

Vipan Kumar (Chief Accounts officer) (55 Points)
Replied 21 August 2010

I have made investments in ulip for regular 3 years & claimed the rebate on invested amount, now i want to withdraw from it. I want to know that whether the rebate claimed earlier will be taxable now. Is there any provision in Income Tax Act regarding that, if yes, from which year it came into force (if possible please mention the date & section also also).

Hardeep Singh Lamba (Practicing Chartered Accountant Proprietor HSL & Associates) (30 Points)
Replied 21 August 2010

hey Vipan

There is a specific provisio under Sub section 5 of Section 80Cof Income tax act which provides that, where tax payer terminates from ULIP scheme before lockin period of 5 years then:

(1) the comtribution made towards ULP plan in previous years would not be qualified for deduction u/s 80C

(2) The quantam of deduction already claimed in previous year would be deemed as income of the taxpayer in the year in which contribution to ULIP plan is terminated and is accordingly liable to tax