A client of mine filed return for AY 2013-14 in march 2014 i.e. he filed a belated return. It was a salary return in form ITR1. He skipped enter capital gain details of residential house property he sold in 2012-13 by mistake. He informed me about this in July 2014 when he came for ITR filing of AY 2014-15. This return for Ay 2013-14 was filed belated so cannot be revised. Could it be rectified? IF yes, then could the form be changed? as capital gains info cannot be filled in itr1.


Posted 2 years, 4 months ago by Kamaldeep Singh

Revision of Belated return is not possible under income tax act, 1961. This was the verdict of SC in case of Kumar Jagdish chandra sinha.

But you can pay the tax amount along with interest, and if any notice comes you can show it to it department to avoid any penalty.

However, since the ITR was defective your client is liable for penalty.

Posted 2 years, 4 months ago by Rahul Rai

Rahul thanks for the reply. There was no capital gain as such as the person had sold a residential property and bought another in the specified time. We just need to fill in this info in the return.

Posted 2 years, 4 months ago by Kamaldeep Singh

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