Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: cpt :: VAT RATES :: ACCOUNTING STANDARDS :: TDS :: VAT Audit :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4%
« News Headlines »
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout

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 2016 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