sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 5 things you should not forget while filing income tax return
 10 Easy Steps to File ITR 1 Online
 How to e-verify income tax return?
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19

Revised I-T returns may spell trouble for Virbhadra
October, 25th 2012

The revised Income Tax Returns (ITR) for 2009-2010 filed by Himachal Congress chief Virbhadra Singh may land him in more trouble, say income-tax experts. One has to fulfil two conditions before filing a revised ITR. It should be filed before the expiry of one year from the end of the
 
said assessment year and second, it has be filed before the IT department assesses it, said tax consultant Dr Ravi Gupta.

Documents show that Singh filed revised ITR for 2009-2010 in March 2012 and showed a quantum jump in his farm income to R2.21 crore in comparison to an agricultural income of Rs. 7.35 lakh showed in the original ITR. The original ITR was filed on July 24, 2009.

Section 139 (5) of the Income Tax Act clearly states that if any person after filing the ITR discovers any omission or any wrong statement therein, he may furnish a revised returns at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier, says chartered accountant Vinod Rawal.

So Singh could have filed a revised ITR by March 31, 2011, but he filed his revised ITR in March 2012.

Documents also show that the original ITR of Virbhadra Singh was picked up for computer-assisted scrutiny system. A final assessment order was passed on July 29, 2011, on his original ITR for 2009-10.  According to the IT Act, once an assessment is done, no revised ITR can be filed.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions