Re: Revise Return Time Limit Expired AY 2018-19

Dear Experts,

In one of the cases, after filing the return for AY 2018-19, the assessee came to know that he has filed the return showing reduced income in business as compared to actual income (The turnover was also shown lesser than actual). The return was filed using ITR 4 Sugam declaring income U/s 44AD. The return was duly processed by CPC.

Now the assessee wants to declare his true income by filing a revise return but he is not able to do so as the time limit for filing revise return already expired.

So should he file a rectification online by increasing the Turnover and net profit ( Deemed Profit U/s 44AD) to Actual ?

As per my understanding if there is change in income rectification should not filed but revise return.

Please guide.

As we understand, the last date to revise the ITR would be March 31, 2019. Therefore, there is no provision to revise the return filed. The assessee can file rectification application and pay the tax rightfully due to the State . As per article 265 of the Constitution of India  provides that  “ no tax be levied or collected except by the authority of law” .  In case the intimation is  passed the assessee can also explore the possibility of making application u/s   264 of the Act .Commissioner can direct the AO to assesss the correct the correct income as per law .If there is delay in filing the application the commissioner has the power to condone the delay in the interest of justice .  In case the application u/s 264 is rejected  , the assessee ca approach High Court by filing writ petition against the order of revision u/s 264 of the Act .

 

 

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