QUESTION:
From- CA Dipjyoti Majumdar
Dear Akshay,
One of our
employee filed a physical ITR for AY 12-13, FY 11-12. He claimed
donation to Child Rights and You (CRY) @ 100% under 80G. The AO has
issued an intimation under 143(1) disallowing the full donation.
We have observed that donation to CRY is entitled to 50% deduction under 80G. So it was an excess claim made in the ITR.
In the case at
hand, should the individual file a 154 application or file a revised ITR
after paying 50% of demand. I believe a revised ITR can be filed within
31st March 2014 even after an intimation
under 143(1).
ANSWER:
Hi Dipjyoti Majumdar,
First of all I would like to thank you for regularly asking queries on our Blog, hope that you will do so in future as well.
Secondly, you are correct a return can be revised after intimation under section 143(1). Intimation under section 143(1) is not considered assessment as given in section 139(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 :..”
So you can file revise return upto 31st March, 2014. Just see that the return is not a Belated return. You can also go for rectification of return under section 154.
So you can file revise return upto 31st March, 2014. Just see that the return is not a Belated return. You can also go for rectification of return under section 154.
Just pay the required tax and choose between any of the two medium.
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