Rectification u/s 154 of Income Tax Return

Tax queries 4591 views 3 replies

Priyank

Learner

98 Points Joined December 2009

Dear Sir,

Please provide your valuable feedback on the following issue :

For A.Y. 2008-09, a Pvt. Ltd. Co. has claimed Current year Business loss of Rs. 5,00,000/- to be carried forward. Said Original return was filed on 08.08.2008, showing clearly the current year loss to be carried forward.

On 13.12.2008, revised return of the said assessment year was filed, for claiming business loss at Rs. 9,50,000/- (instead of Rs. 5,00,000/- claimed earlier). However due to clerical mistake in filing the Revised return, the column of “Current Year Loss, if any”, on the face of the ITR-V Acknowledgement is showing NIL loss to be carried forward.

While filing Income Tax Return of the A.Y. 2009-10 also, the said loss was not Brought forwarded.

Now, is there any remedy to the situation?

1. Is there any provision to revise the return of A.Y. 2008-09?

2. Can an Application for Rectification u/s 154 be filed to rectify Deemed Intimation U/s 143(1) of the IT Act? Please note that, the assessee has not received any intimation u/s 143(1).

Please suggest a course of action.

Replies (3)

Amir

Learner

4016 Points Joined December 2009

Hi Priyank,

1) Standing in July 2010, Return for AY 2008-09 cannot be revised. The last date was 31.03.2010

2) Yes, this is a mistake, which is apparent from records & should be rectified u/s 15 even when assesee has NOT received any intimation u/s 143(1)

I don't see any reason for the AO to reject such a request for rectification u/s 154.

Important thing to note - Return for AY 2009-10 should be revised in order to carry forward the loss. (since the same was not considered in the original return)

Darshan Bhutwala

Proprietor

81 Points Joined September 2009

Hi Priyank,

Though rectification u/s. 154 falls under assessment procedure and is always in response to an order by AO, you can always try giving a rectification or wait till assessement is called for. But first you have to make sure whether assessement is really pending or not? These days you do not get orders u/s 143(1) unless there is a demand or refund order. If your return is accepted as it is, they will not send u any intimation. So you can check on that.

arshed khan

accounting jobs

25 Points Joined March 2009

sir assessment of income tax return i deposited tax online and show in 26a but in assement of cpc banglore not show self assessment tax and claim demand said amount

pls tell me what i can do