Income Tax :- Defective Return under section 139 (9)

To avoid complication in future regarding defective income  tax return, assessee should aware about defective return.  Details of defective income tax return u/s 139(9) are given below :-

Defective Return [Section 139(9)]

(1) Under this sub-section, the Assessing Officer has the power to call upon the assessee to rectify a defective return.

(2) Where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of 15 days from the date of such intimation. The Assessing Officer has the discretion to extend the time period beyond 15 days, on an application made by the assessee.

(3) If the defect is not rectified within the period of 15 days or such further extended period, then the return would be treated as an invalid return. The consequential effect would be the same as if the assessee had failed to furnish the return.

(4) Where, however, the assessee rectifies the defect after the expiry of the period of 15 days or the further extended period, but before assessment is made, the Assessing Officer can condone the delay and treat the return as a valid return.

(5) A return of income shall be regarded as defective unless all the following conditions are fulfilled, namely:

(a) The annexures, statements and columns in the return of income relating to computation of income chargeable under each head of income, computations of gross total income and total income have been duly filled in.

(b) The return of income is accompanied by the following, namely:

       (i) a statement showing the computation of the tax payable on the basis of the return.

     (ii) the report of the audit obtained under section 44AB (If such report has been furnished prior to furnishing the return of income, a copy of such report and the proof of furnishing the report should be attached).

      (iii) the proof regarding the tax, if any, claimed to have been deducted or collected at source and the advance tax and tax on self-assessment, if any, claimed to have been paid. (However, the return will not be regarded as defective if  (a) a certificate for tax deducted or collected was not furnished under section 203 or section 206C to the person furnishing his return of income, (b) such certificate is produced within a period of 2 years).

    (iv) the proof of the amount of compulsory deposit, if any, claimed to have been paid under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974;

(c) Where regular books of account are maintained by an assessee, the return of income is

accompanied by the following -

       (i) copies of manufacturing account, trading account, profit and loss account or income and expenditure account, or any other similar account and balance sheet;

      (ii) the personal accounts as detailed below -

(1) Proprietary business or profession	The personal account of the proprietor
(2) Firm, association of persons or body of individuals	personal accounts of partners or members
(3) Partner or member of a firm, association of persons or body of individuals	partner’s personal account in firm member’s personal account in the association of persons

(d) Where the accounts of the assessee have been audited, the return should be accompanied by copies of the audited profit and loss account and balance sheet and the auditor’s report.

(e) Where the cost accounts of an assessee have been audited under section 233B of Companies Act, 1956, the return should be accompanied by such report.

(f) Where regular books of account are not maintained by the assessee, the return should be accompanied by -

         (i) a statement indicating -

                    (1) the amount of turnover or gross receipts, (2) gross profit,

                    (3) expenses and (4) net profit 

                    of the business or profession;

        (ii) the basis on which such amounts mentioned in (1) above have been computed,

        (iii) the amounts of total sundry debtors, sundry creditors, stock-in-trade and cash balance as at the end of the previous year.

Note- Points (b) to (f) given above are not practically relevant since the assessee has to furnish annexure-less return of income.

Income Tax :- Who / How / When can I submit Revised Income Tax Return ?

If an assessee has filed his income tax return and subsequently found any omission or wrong statement therein, he can re-file/revise  the return with necessary modification. This re-filing of the income tax return is referred to as Revised Return. The process for revising the return is very simple. Please remember that the process outlined below is applicable if you had filed the original return online.

 

Rules related to Revised Return

• Revised return can be filed for any previous year at any time before the expiry of 1 year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. For this financial year 2012-13), you can file the revised return till March 31st, 2013
• However, if the income tax department completes the assessment of your return earlier, then a revised return cannot be filed.
• Revised return can be filed only if the original return was filed before due date. Thus if a return is filed after a due date then it cannot be revised
• A loss return filed within time can also be revised and in such case loss as per the revised is carried forward
• One should have acknowledgement number and date of filing the original return in order to file a revised return
• Return filed in response to the notice u/s 148 can also be revised. It should be noted that notice u/s 148 is issued in respect of the escaped income in the respective assessment year
• In case of concealment of income and furnishing of inaccurate information in income tax return an individual will be penalized

 

How to file a revised return

1. Check for the discrepancy in ITR-V form received from the original return e-filing.
2. Log on to h t t p s: // i n c o m e t a x i n d i a e f i l i n g . g o v .i n /
3. In the home page, Login through link of Registered Users.
4. Prepare & Submit online Return under e-file & complete below detail as required.
   
5. Enter the E-filing acknowledgement receipt number from the ITR-V (Which you got after the original return)
6. Select the appropriate “return filed under section”. You will find options for 17-Revised 139(5).
   

   
7. Press Save as Draft and continue and go ahead make changes and enter correct details
8. Press Submit button on completion of data . You will get a new ITR-V marked as revised return.
9. Once you receive the ITR-V form, you are supposed to send across both original and revised return ITR-V forms to IT department Bangalore within 120 days.

Income Tax :- Revised Return can be submitted or not .

Friends,   Revised return can be submitted through both procedures like  on line or off line mode.  Online mode is simple and easy, there are many columns who  filled automatically through system.   Automatically filled system avoid errors in return.   However revised return option can be selected after selection of code 17 -Revised 139 (5) in col. A21 which is also shown in below picture. 

Difference between revised and rectification is that revised return can be submitted before assessment or rectification return can be submitted after assessment.

Requirement of Revised Income Tax Return

1. To rectify Return Data, like BSR code , Bank account number, income detail, IFSC code etc. 
2. To Change address in case refundable return. 
3. To increase or decrease  income which has been forgotten while submitting original return. 
4. Others

How to Submit Revised ITR (Income Tax Return)

Friends,   Revised Indian Income Tax Return can be submitted after successful submission of Original Income Tax Return.   No doubt that the Submission of Revised Income Tax Return is easy than submission of Original Income Tax Return.  I had submitted revised Income Tax Return before two years ago and just submitted today.  There was difference due to updation in system which I want share with you.

Section 139(5) in Detail given as under:-

⁹⁸[(5) If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under
sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return 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 :

Provided that where the return relates to the previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, the reference to one year aforesaid shall be construed as a reference to two years from the end of the relevant assessment year.]

Select "Revised " in option of Whether Original or Revised Return ?" and then the following three items are required to submit Revised Income Tax Return :-

1. Receipt No of Original Return
2. Date of Submission of Original Return
3. Entry of Code  16-u/s 139(5) as shown in above screen. 

The above three major items are required to submit Revised Income Tax Return and then you can rectify your data as rectification and generate XML file for successful uploading.