975 Can assesse revise return for wrongly selected assessment year in original return Video Link - https://youtube/watch?v=VyFmYBZn-yo Narration - By Amlan Dutta Before we begin , please note that the year in which income is earnt , savinds done and taxes paid and is under consideration is called previous year The year when this information regarding total income and taxes paid on it are submitted for assessment is called assessment year .The assessment year is always the year next to previous year because taxpayer can submit such information only once the previous year ends ! In instant case , assesse wants to file return for previous year 2013 14 . However he has selected assessment year 2013 14 for submitting the details of income and taxes paid for previous year Assesse wants to know whether he /she can revise the return now Answer is no . Please understand selection of assessment year 2013 14 means that information is being submitted for previous year 2012 13 and even if revision is considered etc , it will be then over this return submitted for that previous year 2012 13 only So , the only way ahead is to file a total new original return selecting utility for assessment year 2014 15 to submit details of previous year 2013 14 ...if due dates for filing return has passed , then file belated under section 139(4) .... Note selection of assessment year correctly is critical ...all the govt introduced slab rates , schemes etc are inbuilt into the utility ...for example threshold has now been increased from 2 to 2.5 lacs for non senior residents , 80 C limits have been increased to 1.5 lacs for assessment year 2015 16 ... This was not case in 2014 15 AY , so there the return will still compute tax as if threshoilds were 2 lacs and 80 C was limited to 1 lac etc etc So , dont make a mistake here ,please ! Jai Hind , Amlan Dutta
Posted on: Sat, 20 Sep 2014 03:52:27 +0000
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