How to revise an income tax return after everification

Hi,
While looking at my older income tax returns of last 2 years, I realised that I have not declared my house property, and rent income from same. I have e-verified my last 2 years return. Now I how do I revise my income tax return. I am ready to pay additional income tax and penalty if any.

Thanks
Mahendra Jain
Asked 11 days ago in Income Tax from Mira Bhayandar, Maharashtra
Hii

1. if you filled your Returns on time for AY 2015-16 and AY 2016-17 then you can revise your return(s)
2. if Return(s) filled after due than pay taxes on additional income and submit a revised computation with your Jurisdictional Assessing Officer.
3. as per Income Tax Act 1961, you have to declare all properties and pay taxes accordingly. 
Lalit Bansal
CA, New Delhi
75 Answers
5.0 on 5.0
  Talk to Lalit Bansal
Ok
Then AY 2016-17 you can revise without any issue 

AY 2015-16 revised computation without Return Form 
This means you suo moto want to rectify your mistake and as per Act you are unable to revise return thus you are submitting computation 

By this way department can't levy any penalties on you because you declare you mistake before any notice 
Lalit Bansal
CA, New Delhi
75 Answers
5.0 on 5.0
  Talk to Lalit Bansal
For AY 2016-17 you can file revise return and not for AY 2015-2016 as it was filed after due date. In individual case Balance sheet need not be filed. You can prepare the B/s and incorporate properties and keep with you for future reference
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
  Talk to Shyam Sunder Modani
Dear Sir,

You can revise the return online and declare the extra income.

We can help you in revising the return of income.

Please feel free to call/revert in case of any doubts

Thanks and Regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
766 Answers
5.0 on 5.0
  Talk to Abhishek Dugar
Hello Sir,

You can revise the returns online and pay the due taxes with interest without any hassle. 

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
  Talk to Rohit R Sharma
Hi,
The deadline for filing a revised I-T return by an assessee is before the end of the relevant assessment year or before the completion of the assessment (whichever is earlier).
For instance: If an assessee files an I-T return for FY13-14 (i.e. assessment year 2014-15) on 10 July 2014 (due date for filing I-T return is 31 July 2014), however, later on discovers some mistake, then he can file a revised return of I-T anytime up to 31 March 2016 or before the completion of Assessment, whichever is earlier, for FY14. 

An I-T return can be revised any number of times provided it is within prescribed time limit. Thus, in the above example, a revised I-T can be filed any number of times provided it is before 31 March 2016 or before the completion of assessment by the department, whichever event takes place earlier.

On filing of the revised return u/s 139(5), the original return filed u/s 139(1) shall be deemed to be withdrawn and substituted by the revised return. Revised return basically means that you have filed your I-T return for this year and want to make changes in the return which you have filed.

In case if the revised return is filed online, the assessee is required to furnish the 15-digit acknowledgement number of the original return. On receiving the revised return, the I-T department searches for the original return which is retrieved using the 15-digit acknowledgement number.

If you have made a mistake of not disclosing any income or have forgotten to claim a deduction in your return, you can file a revised return and avoid penalty exposure.

Under Income from house property-
Assessee can consider one of the house as self occupied, if the assessee is owing more than one house, and it is deemed that the assessee is earned income from the other houses even if those houses are not let out.
so in your case if houses are not let out, you can select one of the house as self occupied and you have to show income earned from the remaining houses as per the fair market rate of that area.
Vishakha Agarwal
CA, Bangalore
213 Answers
5.0 on 5.0
  Talk to Vishakha Agarwal

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other questions asked by this user

Other Questions

Chartered Accountants

Abhishek Dugar
CA, Mumbai
766 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
213 Answers
5.0 on 5.0
Lalit Bansal
CA, New Delhi
75 Answers
5.0 on 5.0
Shiv Kumar Agarwal
CA, Delhi
195 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
239 Answers
4.9 on 5.0
B Vijaya Kumar
CA, Hyderabad
290 Answers
5.0 on 5.0
Ria Nagpal
CA, Ahmedabad
28 Answers
5.0 on 5.0
Bhagyashree Kankaria
CA, Pune
26 Answers
5.0 on 5.0