Revised return

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Piyush Bothra (Student CA IPC / IPCC) (68 Points)
Replied 05 October 2019

Please share the link. If you are saying that there can be scrutiny I already know that.

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asheeq ua (ca ipcc) (313 Points)
Replied 05 October 2019

Sir but some experts are saying like no problem with revising the return once they have processed. They have done it seems and nothing has happend it seems. But I am confusion sir, I already revised the return. And assessee is having only Interest Income and nothing else. Refund amount is 25k sir. What to do sir? Please help me

Kapadia Pravin (17254 Points)
Replied 06 October 2019

You have filed revised return as it was necessary to claim TDS amount refund .

Now you have not to do anything and do not require any help.

Just relax and wait for 3 to 6 weeks for refund.

asheeq ua (ca ipcc) (313 Points)
Replied 06 October 2019

Okay sir.. Thank you for your suggestions

veerendar singh (tax consultant) (3301 Points)
Replied 07 October 2019

You have mistaken piyush, and u r not alone...even courts have given erroneous judgments. ppl are failing to pay due heed to the core meaning of s. 143
after processing of return u/s 143(1) you are bound to give true and complete details of ur income and its ur duty to apply before ur AO to rectify the assessment and recompute the true total income and tax thereon.

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Piyush Bothra (Student CA IPC / IPCC) (68 Points)
Replied 07 October 2019

Sir agreed that it is our responsibility to give true and complete details. But to err is human. Income tax has put provisions for considering return has defective if value varies by 20% but still there is a genuine hardship caused to assessee like in this case.

veerendar singh (tax consultant) (3301 Points)
Replied 07 October 2019

Bro u r not getting it.
once the return is processed u have lost the option from ur side. only option left is to get it done by the dept.

they will be obliged to correct ur total income.