Mistakes in Return filed

In the year 2014-15, I was having a shop which was given on rent. Rent was being received through cheques.  In Febuary 2015, shop was got vacated and given to another agency on rent which was received in cash.

Recently, I observed following mistakes in the Return for the FY 2014-15 1.Name of the 2nd tenant was missed rent income from him was by mistake merged with the rent of earlier earlier tenant. Therefore, name of the property & rent income was same but there was only one name instead of two names.

  1. Security deposit for 2nd tenant was by mistake was included in INCOME and tax was also paid on it.

Kindly advice what should I do now .

Regards :    A M Bhardwaj



Anonymous Asked on June 10, 2017 in Taxations.
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1 Answer(s)

Dear Mr Bhardwaj

You can revise return within one year of filing the tax returns if the original return is filed in time. Know for FY 2014-15 the due date was 31st July / 30th Sep as per Audit / Non Audit cases… The time for revision is already over.

In case of IT Scrutiny you can explain and the same to the Officer .. Else its already time barred.


TaxIQ Answered on June 13, 2017.
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