I e-filed my income tax return for AY2013-14, two days. I had some tax which was payable by me, and the same I reflected in my ITR-1, under the Tax payable section. I was not very clear about the process and hence I assumed I could pay the tax after submitting my tax return. Hence, unknowingly I uploaded my original XML on the website, which showed tax payable as ~Rs.40K.
Just then, i got to know that i had to pay the outstanding tax beforehand and fill in the challan no. of the self-assessment tax, which i had not.
Then I made the payment and filed a revised return, immediately.
However, today when I showed my documents to a financial expert, he pointed out that I had missed/overlooked declaring 1/3rd of the total FD interest earned in this FY12-13 from my Income from other sources section. I want to file the revised return with increased Income from other sources (including the missed out 1/3rd portion of interest), and also pay tax and submit tax challan number for the same. But I am scared on what effect filing multiple revised tax returns will have.
1. Will the IT department compare the revised return with the original return and analyze why the income in revised increased.
2. How will they assess if the return was revised to correct a bonafide mistake and the mistake was done unintentionally and was NOT DELIBERATELY.
3. Will the revised return or filing multiple revised returns, be susceptible to come under scrutiny compared to that if the same return was filed originally.
4. If the revised return that I file with increased income come under scrutiny, will scrutiny be restricted to finances pertaining on to this AY2013-14, or will they trace back all previous years too.
Please help me with this answers with your expert comments and valuable experience and knowledge.
From India, Bangalore
Just then, i got to know that i had to pay the outstanding tax beforehand and fill in the challan no. of the self-assessment tax, which i had not.
Then I made the payment and filed a revised return, immediately.
However, today when I showed my documents to a financial expert, he pointed out that I had missed/overlooked declaring 1/3rd of the total FD interest earned in this FY12-13 from my Income from other sources section. I want to file the revised return with increased Income from other sources (including the missed out 1/3rd portion of interest), and also pay tax and submit tax challan number for the same. But I am scared on what effect filing multiple revised tax returns will have.
1. Will the IT department compare the revised return with the original return and analyze why the income in revised increased.
2. How will they assess if the return was revised to correct a bonafide mistake and the mistake was done unintentionally and was NOT DELIBERATELY.
3. Will the revised return or filing multiple revised returns, be susceptible to come under scrutiny compared to that if the same return was filed originally.
4. If the revised return that I file with increased income come under scrutiny, will scrutiny be restricted to finances pertaining on to this AY2013-14, or will they trace back all previous years too.
Please help me with this answers with your expert comments and valuable experience and knowledge.
From India, Bangalore
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Frequently Asked Questions On Filing Of ECR And Payment Of Contributions Under EPF.pdf