Mohan (Audit Assisstant & Accounts Manager) (489 Points)
13 August 2014Whether income can be reduced and refund of paid taxes can be claimed in revise return of income if wrongfully shown in original return of income filed in time? Will it sustain? Any case-laws or any provisions of Act to substantiate the claim?
Madav
(Senior Consultant)
(172 Points)
Replied 13 August 2014
Revised return will replace the original return or any prior return filed by an assessee (Dhampur sugar mills v CIT(1973)).. Facts disclosed in that will be considered as they were exist from beginning.. hence you can very well file a revised return with lower income or increase losses
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 13 August 2014
Mihir
(Wealth Manager)
(5293 Points)
Replied 14 August 2014
Yes, you can revise your return if you have filed your return before due date.
Ramanuj
(Accountant.)
(834 Points)
Replied 14 August 2014
Yes you can revised if return file before due date & refund con be claim ater justify of income before
Thanks
Ramanuj
malkesh
(Partner in MJV & CO.)
(21 Points)
Replied 14 August 2014
After revising the return of Income what about the uploaded TAx Audit Report ???
Can it be revised ???
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 14 August 2014
Anonumous
(NA)
(53 Points)
Replied 14 August 2014
Hi,
What if the reurrn is filed as belated by mistake and any change is to be added which will reduce the refund and increase the income.Any option by which I can revise the return or file a fresh return?
It is a big problem.
Plz help someone
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 14 August 2014
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