If you have filed your returns in time, then you can opt to revise your income tax returns for F.Y.13-14. Include the expenses incurred, in previous year. If you record it as a prior period item in F.Y.14-15, then it shall be disallowed and would not amount to an allowable expenditure for the F.Y.14-15
06 April 2015
Thanks for your reply ! We have to revise income tax return within one year from the end of the assessment year or before assessment thats with in the year 2015 - 16 ?
06 April 2015
Yes what you have said is correct. According to section 139(5), If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
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