| Question And Answer | |
|---|---|
| Subject: | revised return |
| Category: | Income-Tax |
| Querist: | ashok duraisamy |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | penalty, Revised return |
| Date: | April 21, 2022 |
For the year ended 31.03.2021 there was a mismatch in 26AS because of the slow website the return was filed without reconciling and resulted in lower income filed by Rs. 15 lakhs. How to rectify the same. Assesse is ready to pay taxes with interest but not penalty.
The Assessee can file an updated return under section 139(8A) of the Act and pay the additional tax and applicable interest. Further, the assessee should file the updated return before initiation of assessment as a pending assessment is a bar from filing an updated return. Scrutiny assessment for AY 2021-22 will be initiated on or before June 30, 2022 i.e., 3 months from the end of the Assessment Year.
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