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
Also, if I have ancestral properties one in my native place, and one in gujarat, do I have to declare that too in my IT return.
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.
For AY 2015-16 I have submitted after due date and AY 2016-17 I submitted by due date. "submit a revised computation means" what the first page of IT return?
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
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
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
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
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.
