REVISED DVAT-16

[HARISH KUMAR]

WHAT IS THE TIME LIMIT TO REVISE THE RETRUN DVAT-16 OF QUARTER ENDING 30-06-2009.

[Sucheta Agrawal]

Ans. as per section 28 of the Act time limit to revise the return is given in hereunder-

1. with in 4 year of the making of an assessment, the person discover the mistake and in case where made a less payment of tax and find it then  within one month after the discovery, furnish a revised return and pay the tax owed and interest thereon.

2. if make the excess payment of tax,  the person may lodge an objection against the assessment in the manner and subject to the conditions stipulated in section 74 of this Act. the same period of 4 years is applicable.

AI Summary

Time limit to revise tax return: discovery permits prompt revision with payment of tax and interest or objection procedure. Statutory rules permit a taxpayer who discovers a less payment to furnish a revised return and pay the outstanding tax with interest within the prescribed period after discovery; where an excess payment has been made the taxpayer must lodge an objection under the objection procedure, with the same overall limitation period applying to both corrective and objection routes.