139(5) revised return (Income Tax)

This query is : Resolved

Naresh Kumar

( Author )
05 August 2012

1. if any return is file belated and then this return is revised then what is the penalty and whether revised return filed is correct or not

2. If original return is filled manually then whether we can revise it online

CA PARAS BAFNA

( Expert )
05 August 2012

By revising the belated return if you are increasing the revenue of the Govt. it will be accepted with the enhanced tax amount.
.
The option of revised return is available to the timely filed returns only.
However, you will not be denied. In genuine cases department accepts such returns also.
Looking to the materiality aspect of the issue, you may still file a revised return.
Many times it has been considered by the department.
.
Manual return can be revised manually only.
.

SANYAM ARORA

( Expert )
05 August 2012

Agreed with the reply

satpal

( Expert )
05 August 2012

Dear Friend,

I am not in practice

however theory says

only returns filed u/s 139 ( 1 ) can be revise u/s 139(5)

Belated returns are filled u/s 139(4 ) So You are not able to revise your return.

Any Assessing Officer can't overrule the Income tax Act.

B.Chackrapani Warrier

( Expert )
05 August 2012

I endorse the view of Satpal Ji.

Naresh Kansala

( Expert )
06 August 2012

Revised return is not valid if original return is not filled u/s 139(1).

CA PARAS BAFNA

( Expert )
06 August 2012

My reply is based on practical experience. Some times AO accepts even Revised Computation of total Income to complete the assessement.

satpal

( Expert )
07 August 2012

Dear Sir,

I am not opposing your view, I have already said that I am not in practice.

However the main question is Can an AO overrule The Income Tax Act.

& If he is overruling then its illegal.