Provisions of Sec. 139(3), sec. 139(4) & Sec. (5)

PROVISIONS OF SEC.  139(3), SEC. 139(4) & SEC. 139(5)


Loss Return : If a person has substained a loss under the head “ Profits  and gains of  business or Profession” or under the head “Capital Gains” and claims that such loss should be carried forward u/s 72,73,74,74A, then he may furnish a return of loss within the time prescribed u/s 139(1) and all provisions of the Income Tax Act shall apply as if it were a return furnished u/s 139(1).


Belated Return {Section 139(4)} : If a person has not furnished the return of income within the time allowed u/s 139(1) or within the time allowed under a notice issued u/s 142(1), then he may furnish  the return at any time before  the expiry of one year from the end of the relevant assessment year or before the completion of assessment , whichever is earlier. For F.Y. 2014-15, belated return can be filed by 31.03.2017.


Revised Return {section 139(5)} : If a person has furnished a return u/s 139(1) or in pursuance of a notice issued u/s 142(1), discovers any omission or wrong statement therein, then he may furnish  a revised return at any time before the expiry of one year from the end of relevant Assessment Year or before the completion of assessment, whichever is earlier.  For F.Y. 2014-15(AY 2015-16), revised return can be filed by 31.03.2017 (i.e. one year from end of assessment year 2015-16 ending 31.03.2016)


Points to be noted:

  1. A belated return cannot be revised.


  1. If any person file late return ,who has sustained a loss in any previous year under the head “Profits and gains of business or profession” or under the head “Capital gains”  cannot carried forward losses to next year.
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