• Multiple revision of income tax return

EXPERTS, PLEASE HELP ME! 
I e-filed my Income Tax Return for the first time (AY: 2017-2018, ITR FORM: ITR 4S) before the due date. In my ITR-V form, it was shown that the refundable amount is Rs. 4780. (because I paid more tax than my tax liability)

So far, everything was fine.

I found a mistake and e-filed a revised return timely under 139(5) to correct this. Because of that, the refundable amount was reduced from 4780 rupees to 1410 rupees.

Unfortunately, after a few days later I found a mistake again. Hence I filed a second revised return. Because of that again the refundable amount was reduced from 1410 rupees to 410 rupees.

A few days later I found that I wrongly calculated my business expenses. (I included some of my personal expenses in my business expenses). So I filed a third revised return. This time the refundable amount was reduced from 410 rupees to 310 rupees.

So basically I filled four returns, one original return and three revised returns. I have successfully e-verified these four returns.

In this month (September 2017) I received an Intimation under 143(1) and got a refund of rupees 1410 in my bank account. The Intimation 143(1), and the refunded amount I got were under the first revised return.

After checking my account on income tax website I found that only the first revised return was processed.

So I have few questions -  
1. What happens to my second and third revised return? Will both revised returns be processed?
2. In the future, if my second or third revised return will process then for sure the refundable amount will decrease(1410 rupees to 410 rupees and then 410 to 310 rupees). Then how will I pay the due tax? (I am so confused in it)
3. Will I have to pay any kind of penalties in future?

I know I messed up everything. Please help me to understand what's going on. (I'm sorry for my English!)
Asked 8 years ago in Income Tax

The later revised returns shall be processed. Once the returns are processed, a demand shall be raised. You will have to pay such demand. No penalties shall be levied if the return is revised before the initial processing has been done by which refund has been issued..

Lakshita Bhandari
CA, Mumbai
5687 Answers
943 Consultations

Hi,

1. Yes all the remaining returns will get processed and you have to pay differential tax along with interest.

2. You have to normally fill challan and pay tax.

3. Penalty will not be there. You may have to pay interest.

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

1. Challan 280

2. (400) Tax on Regular Assessment

Lakshita Bhandari
CA, Mumbai
5687 Answers
943 Consultations

Wait for demand notice and then pay tax (490) tax on regular assessment tax

And avoid multiple revisions in future to avoid scrutiny assessment

Some in multiple revision case selected for scrutiny

Lalit Bansal
CA, Delhi
776 Answers
61 Consultations

sorry its 400

Lalit Bansal
CA, Delhi
776 Answers
61 Consultations

Hello,

This sounds like a pretty messed up case. I hope you visit a doctor when sick and not undertake a surgery all by yourself.

For the time being wait for your latest return to be processed and the department will send you a notice of regular assessment to pay the excess refund. You may pay the demand then.

Trust this clarifies your query.

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

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP

Rohit R Sharma
CA, Mumbai
2104 Answers
95 Consultations

Hi,

Do wait for all your returns to be processed and then pay the dues when your final return is processed.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
27 Consultations

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