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Revised Return

Tarun Goyal (Self Emplyed Professional) (25 Points)

24 April 2009

If the revised return is not filed with in 90 days from the date of filing the original return, how the same can be filed. Kindly explain the procedure with relevent notification/circular/Section

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4 Replies

Riyaz Khan (CA CS (Exec) MBA (Fin) Asst. General Manager-SEBI Internal Auditor-British Certifications Inc.) (1315 Points)
Replied 24 April 2009

The dates for filing tax returns have passed. If a tax payer has missed out on an item of income in his original return, he has the opportunity to file a revised return. Such a revised return is valid under section 139(5) of the Income-tax Act, 1961 (the Act). If the person who has furnished a return discovers any omission or wrong statement therein, he may furnish a revised return at any time before the assessment is made. However, the revised return should be filed withi n one year from the end of the relevant assessment year.

The benefit of this provision cannot be claimed by a person who has made a false return knowing it to be false. Deliberate omissions and false and fraudulent statements fall outside the purview of this provision.

Similarly, an omission or wrong statement in the original return must be due to a bona fide inadvertence or a mistake on the part of the assessee, without which the benefit of this provision cannot be claimed.

In Kumar Jagdish Chandra Sinha v. C.I.T. (220 I.T.R. 67), the Supreme Court observed that no revised return could be filed under section 139(5) in a case where the return was filed under section 139(4), and thus, such revised return was invalid.

HENCE THE BELATED RETURN (I.e, The ITR filed after the Due Date) CAN NOT BE REVISED...

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Sachin (Chartered Accountant) (419 Points)
Replied 24 April 2009

DEAR TARUN,

PLEASE WRITE ME WHICH RETURN WANT TO REVISE SERVICE TAX OR INCOME TAX ? SOTHAT I CAN HELP YOU. MY EMAIL ID IS sachinagarwalcallb @ gmail.com

Tarun Goyal (Self Emplyed Professional) (25 Points)
Replied 28 April 2009

If the revised return of service tax is not filed with in 90 days from the date of filing the original return, how the same can be filed. Kindly explain the procedure with relevent notification/circular/Section

Madhukar N Hiregange (Chartered Accountant) (39034 Points)
Replied 28 April 2009

In my view you can prepare a revised return anyway as a disclosure and file with dept. If refused then you can send yunder RPAD. This would protect against longer period demands. Ensure proof of sending by RPAD + ackneoledgement if recived is retained.