CAN RETURN BE REVISED AFTER PROCESSING AT CPC

QUESTION- 
From- Manu
Hi I left a company in march 2012 after settling all dues & filed online income tax return for AY 12-13 which has been processed by CPC bangalore. This month I got recovery letter from that company asking for huge amount to be returned in lacs. If I pay back the amount my taxable income for FY 12-13 would be below the threshold limit for income tax. How would I claim the tax already paid? Will I have to file revised return online (but I read somewhere that once online return has been processed, revised return can't be filed) Please helppp



ANSWER-

Hi,
You can file your revised return even if return in processed. The return can be filed till 31st March 2014 or before the completion of your assessment. The order under section 143(1) will not be treated as assessment for this case.

Below is the extract from relevant section from Income Tax Act, 1961-
Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section of section 142, may furnish the return for any previous year 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

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 :..”

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