SECTION 139(4) BELATED RETURN & SECTION 139(5) REVISED RETURN

SECTION 139(4) Furnishing of belated return of income

Any person who has not furnished a return within the time allowed to him under section 139(1), may furnish the return for any previous year at any time

before three months prior to the end of the relevant assessment year or
before the completion of the assessment

whichever is earlier thus, belated return can be filed only in case a person has not furnished his return within the time allowed under section 139(1). Also, the belated return cannot be furnished after the end of the relevant assessment year.

Consequences of filing a belated return

Certain losses cannot be carried forward for set-off in the subsequent years.
Fee of Rs. 5,000 under section 234F would be leviable where return is filed after the due date. However, late fee shall not exceed Rs.1,000 where total income does not exceed Rs 5,00,000.
Further, as per section 80AC, deductions in respect of certain incomes under Chapter VI-A [Heading C- Deduction in respect of certain incomes] would not be available.

SECTION 139(5) REVISED RETURN

If any person having furnished a return under section 139(1) or section 139(4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before three months prior to the end of the relevant assessment year or before completion of assessment, whichever is earlier.
The return can be revised for any number of times within the given time In this case the latest revised return filed replaces all other returns filed earlier.
It may be noted that the returns filed under sub-sections (1A), (3), (4A) to (4F) of section 139 are treated as having been filed under section 139(1). Hence, these returns can also be revised subject to satisfying the conditions of section 139(5).

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ANKUR

Direct Tax Expert having more than 10 years of Experience