Belated Return & Revised Return

Belated Return & Revised Return

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 (A.Y. 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.
  2. 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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