shobhit (Artical Executive) (115 Points)
20 October 2015Hello sir
maine 07/09/2015 ko itr file ki thi jo ki incorrect thi jisme closing stock galti se 200000 jyada add ho gaya profit b 200000 jyada hone k vajah se exp badhane pade but ab mujhe galti ka pata chal gaya hai to kya mai change kar sakta hu capital me b changes kar sakta hu agar kar sakta hu to return revise kab tak kar sakta hu
Miss Rinkal
(Student)
(1309 Points)
Replied 20 October 2015
@ Shobit:
You can revise the return for ay 2015-16 if the return is filed within the due date, 1 year from the end of the ay or completion of assessment whichever is earlier. In the present case, the return was filed well within the due date( as due date was extended to 07.09.2015) hence revise return can be filed. However if the return is to be revised, you need to justify the facts of reduction in closing stock and expenses if the case is chosen for scrutiny. Mere reduction of stock details and expenses by same amount will need to be properly justified
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 20 October 2015
Mr. Shobhit,
Although you may revise your ITR in your case but be sure that your assessment is still pending at Income Tax Department. If you have received your assessment u/s 143 (1), you may only rectify your ITR and cannot revise your return in such case.
Miss Rinkal
(Student)
(1309 Points)
Replied 20 October 2015
@ Vikas Gupta:
The return can be revised even after receiving an intimation u/s 143(1). Because it is just an intimation and not an order. I. E assessment is not yet completed. Although 143(1) is also referred as summary assessment but it is not referred as assessment for the purpose of 139(5).
Hence return can be revised even after receiving an intimation u/s 143(1)
B Lakshmaiah setty
(ca)
(21 Points)
Replied 30 October 2015
a RETURN FILED WELL BEFORE THE STATUTORY DUE DATE CAN BE REVISED ANY TIME BEFORE THE COMPLETION OF ASSESSMENT.
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