Revised Return - Section 139(5) - Income Tax - Ready Reckoner - Income Tax

Revised Return - Section 139(5) If return is not furnished within time allowed under section 139(1) or within the time allowed u/s 142(1), the person may furnished the return of any previous year at any time before the expiry of one year the end of the relevant A.Y. or the completion of assessment whichever is earlier (applicable upto the A.Y. 2016-17) the end of the relevant A.Y. or the completion of assessment whichever is earlier (applicable for the A.Y. 2017-18 to 2020-21 ) If any person, having furnished a return u/s 139(1) or section 139(3) or section 139(4) , discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the 3 months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Notes:- In view of above provision, Upto A.Y. 2016-17 a belated return can not be revised. - Kumar Jagdish Chandra Sinha vs. CIT From the A.Y. 2017-18 a belated return can now be revised if the assessee discovers any omission or any wrong statement therein. A return submitted in response to notice u/s 142(1) can be revised but any loss declared in either the original return filed in response to a notice u/s 142(1) or in the revised return cannot be carried forward in view of section 80 , as the original return is filed after the due date. The revised return substitutes original return from the date the original return was filed. A return can be revised even after receiving intimation or refund u/s 143(1) as sec 143(1) is not completion of assessment M/S. ORISSA RURAL HOUSING DEVELOPMENT CORPORATION LTD., v CIT 2012 (11) TMI 764 - ORISSA HIGH COURT An assessee can file revised return as many number of time so long as it is within the limitation period and the assessee discovers any omission or wrong statement therin CIT vs. Samson Distilleries Pvt. Ltd. 2006 (3) TMI 545 - ITAT BANGALORE.