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Belated Return & Revised Return – Complete Details

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Belated Return & Revised Return – Complete Details, Find everything you want to about Revised Return us 139(5), and Belated Return us 139(4). In this article find complete details regarding Belated Return & Revised Return like – Details for Belated return [Section 139(4)], All details for Revised return [Section 139(5)], Can a belated return under section 139(4) be revised, Can a revised return be further revised, Revised return substitutes the original return. Now you can scroll down below and check more details for “Belated Return”

Belated return [Section 139(4)]

Belated Return & Revised Return

If an assessee has not submitted his return of income:

  • On or before the due date mentioned under section 139(1); or
  • Within the time allowed under a notice issued by the Assessing Officer under section 142(1)*,

He can still file the return of income. Such a return is called belated/late return. Belated return can be filed at any time:

  • Before the expiry of one year from the end of the relevant assessment year, or
  • Before the completion of the assessment,

Whichever is earlier.

Thus if a person has not filed his return of income for the A. Y. 2015-2016 before the due date, he can file a belated return before 31St March 2017 or the completion of the assessment, whichever is earlier.

Must Read – Income from Salaries – Charging Section and Allowances

Revised return [Section 139(5)]

If an assessee, after furnishing the return of income:

  • Under section 139(1), or
  • In pursuance of a notice under section 142(1), feels that he needs to revise the return of income, he can do so

Before the expiry of one year from the end of the relevant assessment year, or

Before the completion of the assessment,

Whichever is earlier.

Thus if a person wants to revise his return of income for the A. Y. 2015-2016, he can file a revised return for the same before 31St March 2017 or the completion of the assessment, whichever is earlier.

Can a belated return under section 139(4) be revised:

There was a difference of opinion among various costs regarding filing of revised return in respect of belated returns. However, it has been held that a belated return filed under section 139 (4) cannot be revised as section 139(5) provides that only return filed under section 139(1) or in pursuance to a notice under section 142(1) can be revised [Kumar Jagdish Chandra Sinha v CIT (1996)220 ITR 67(SC)]. Thus, the conclusion is that a Belated Return can’t be revised.

Must Read – Income from House Property – Taxation and Deductions

Can a revised return be further revised:

If the assessee discovers any omission or any wrong statement any revised return, it is possible to revise such a revised return provided it is revised within the same prescribed time [Lal Ram Chandra v CIT (1982) 134 ITR 352 (All); CIT v Shivastava (Dr.N) (1988) 170 ITR 556 (MP)]

Thus, there is no limit on the number of times a return can be revised. Provided the same is done before the specified due date.

Must Read – Paying Tax is better than Saving Tax!

Revised return substitutes the original return:

Once a revised return is filed, the originally filed return must be taken to have been withdrawn and substituted by the revised return. [Dhampur Sugar Mills Ltd. v CIt (1993) 90 ITR 136(All)). Therefore, once you file the revised return successfully, your original return stands to be withdrawn.

Must Read – Chapter VIA – All Deductions at a Glance

However, if the return is not filed before the due date, interest under section 234 A/ B/ C will be levied if it is a case of tax payment. Also, no matter what ever the consequences are, it is always beneficial to file the true & fair return on time & pay sufficient taxes before the due date. By doing this, you won’t need to pay any interest nor face any penalties or prosecution.

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About CA Ridhi Dhoot

The writer is a Chartered Accountant & a Licentiate Company Secretary. You can reach out to her at [email protected]

One comment

  1. tried , and found that belated return ,, revised successfully, without assessment order…is any change in law??

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