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Rectification of incometax return

vamshi krishna (Student CA Final ) (149 Points)

08 February 2016

Dear sir,pls Help one of my client return filed for the AY 2015-16 as ITR-1.while filing the return he was not considered Capital gains. The return filed by him was Processed and Refund credited to his office,now he wants to file Rectification is it allowed or not if not what is the process to file the return pls help

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6 Replies

S. Shiroor (Others) (1207 Points)
Replied 08 February 2016

Does he want to carry forward loss or pay more taxes out of gains??.

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vamshi krishna (Student CA Final ) (149 Points)
Replied 08 February 2016

he paid tax on capital gains

S. Shiroor (Others) (1207 Points)
Replied 08 February 2016

if he is not getting any refund it is Ok.

But the ITR-1 is wrong - He should have filed ITR-2.

vamshi krishna (Student CA Final ) (149 Points)
Replied 09 February 2016

Sir

He filed Return already and he got refund also,after that he wants to rectify his return is it possible

am asking is it possible to revise or rectify of return after processed of original return.

S. Shiroor (Others) (1207 Points)
Replied 09 February 2016

ITR-1 does not have a Capital gains schedule.

Had he filed ITR-2 then rectification is possible. But CPC normally sends to Juris AO.

I am not sure whether he can file revised return with ITR-2.

Not sure whether it will be acceptable.

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U S Sharma (glidor@gmail.com) (21063 Points)
Replied 09 February 2016

he has to file ITR 2 now, rectification is not possible as original return is filed in wrong format. if the amount is small then just ignore or file ITR 2 as revised return.