After intimation u/s 143(1) with demand, Can ITR be revised with adjustment of Income & deduction ?

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  1. Neha Agarwal

    Neha Agarwal Member

    Dear Sir, An individual has wrongly filled ITR of FY 15-16, where he quoted his GTI 320000/- on which he didn't claim any deduction becoz he didn't have actually, nor he paid even a single peny of tax through out the year. Now intimation u/s 143(1) has been issued with demand 3090. He earned around 260000/- as actual income during the relevant previous year but for the purpose of loan he increased his income in ITR Rs 320000/- as taxable income. but lack of knowledge he could claim deduction however he actually didn't have. I have some points need to be cleared... 1) Can I file revised return after intimation u/s 143(1) received of said Assessee or not? 2) If return after 143(1) can be filled, in that case can I show his actual income which is 260000/- in place of 320000/- or not. 3) If reduction of income from 320000/- to 260000/- are not allowed then in that case Can I claim deduction, stating that deduction was skipped to be claimed in earlier year of return.. Plz reply.
     
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    If the original return was filed before or on 31st july 2016,then you can file revised return u/s 139(5).
    But kindly take a note that,revised return u/s 139(5) can be filed only if the tax payer discovers omission/wrong statement in such return (i.e by mistake)
    So just like that we can't file revised return.So here in your case,for the purpose of loan, income was increased to Rs.320000/- while actually earned is Rs.260000/-.It doesn;t come under mistake.
    Based on my experience,100% your case will not be taken up for scrutiny.S.143(1) intimation is just a computer generated intimation which was arised due to non payment of tax.
    What i can suggest is file revised return u/s 139(5) by claim deduction u/s 80c for an amount of Rs.60000/- and close the matter.For this small issue,tax payer won't face any consequences.
     
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