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TMI BlogRevise returnX X X X Extracts X X X X X X X X Extracts X X X X ..... Amendment in Section 40(a)(ia) Dear Freinds, There has been a retrospective change in above said section,now for amount disallowed on account of deposit of TDS after March 2007 in our returns for the A/Y 2007-08 shall we show it as allowable in our current returns to be filed on or before 30th September 2008 (i.e in return of A/Y 2008-09) as we used to do in past or shall we revise A/Y 2007-08 r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn and allow the exp. in that year itself. Regards - Reply By dkkothari - The Reply = Amended is to remove certain difficulties and not to create more. Return of A.Y. 2005-06 , 2006-07 could be revised only by 31.03.07 or 3 or the date of completion of assessment if made earlier. Thus it is not possible to file revised return for these two years because the FA was passed after 31.03.08. A.Y. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2007-08 In case return was not filed before due date u/s 139 (1) or in terms of notice issued u/s 142 (1) , then also it cannot be revised.Therefore it is impossible to give effect of amendments made vide the FA 2008 by revising return for A.Y. 2005-06 and 2006-07 and in case of late return { other than in response to notice u /s 142 (1)} for A.Y.2008-09. The amendment vide FA 2008 was broug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht to remove difficulties and not to create more difficulties. Claim should be made only in one year. Therefore if claim was not made in earlier year, due to non deposit of TDS, as per law then prevailing, it can be claimed in subsequent year when the tax is deposited. If the assessee gets more benefit by claiming deduction in earlier year by way of interest on refund, reduction of interest payabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by assessee or in any other manner, the assessee can make claim by revising return, if permissible or filing rectification petition, taking additional grounds in appeal or in a revision petition as may be advisable in any given case. If assessee get more advantage by claiming such sums in a subsequent year ( e.g. in case of losses- so that life of loss is prolonged or when it is not prudent to d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isturb settled matter of earlier year), he can claim in subsequent year in which TDS is actually deposited. - Reply By D.K.KOTHARI - The Reply = You can revise your return for A.Y. 2007-08 and can make a claim. Then you ccurtail your claim in A.Y. 2008-09 to that extent. You can take recorse of s. 154 and 264 also in A.Y. 2007-08. If an early allowance is beneficial. Or claim in A.Y. 2008-09 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , if not claimed in earlier year. - Revise return - Query Started By: - Bhuvnesh Dated:- 12-8-2008 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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