Revised return (Income Tax)

This query is : Resolved

Pritesh Vithlani

( Author )
23 May 2012

In case, we have filed a belated return and then we need to revise it, can we do so?

CA. RICHI SAXENA

( Expert )
23 May 2012

Belated return cannot be revised in any circumstances.
Where a belated return is filed u/s 139(4), no revised return u/s 139(5) can be filed as was held in Jagdish Chandra Sinha v. CIT 220 ITR 67 (SC).

CA.Richi Saxena

Pritesh Vithlani

( Author )
23 May 2012

If return is to be revised due to retrospective amendments in IT ACT, 1961 as amended by Finance Bill, then is it possible to do so?

Pritesh Vithlani

( Author )
23 May 2012

If return is to be revised due to retrospective amendments in IT ACT, 1961 as amended by Finance Bill, then is it possible to do so?

Pritesh Vithlani

( Author )
23 May 2012

If return is to be revised due to retrospective amendments in IT ACT, 1961 as amended by Finance Bill, then is it possible to do so?

Hitendra Jain

( Expert )
23 May 2012

THERE ARE TWO SPECIFIC FACT WE NEED TO CONSIDER.
THE FIRST ONE IS WHY A RETURN NEED TO BE REVISED.
THE ANSWER IS VERY SPECIFIC THAT IF THE DECLARATION, OMMISSION OR STATEMENTS IN THE RETURN ARE NOT DELIBERATELY OR KNOWING TO BE FALSE AT THE TIME OF FILING OF RETURN THEN ONLY RETURN CAN BE REVISED.
ALSO THE ORIGINAL RETURN IS REQUIRED TO BE FILED WITHIN DUE DATE U/S 139(1) OR PURSUANCE OF A NOTICE U/S 142(1).

THE SECOND PART IS THE TIME LIMIT THAT IS BEFORE EXPIRY OF 1 YR FROM RELEVANT AY OR BEFORE COMPLETION OF ASSESSMENT.

ACCORDINGLY IF THE STATEMENT OR OMMISSION OR DECLARATION HAS GOT PLACE DUE TO RETROSPECTIVE CHANGE IN THE ACT AND THE TIME LIMIT HAS NOT BEEN EXPIRED THEN YOU MAY REVISE THE RETURN.

REFER CASE LAW CIT V PERIYAR DISTRICT COOPERATIVE MILK PRODUCERS UNION LTD. (2004) 266 ITR 705 (MAD.)

Siddhartha Bhardwaj

( Expert )
24 May 2012

If the revision is due to retrospective amendment in the Act, then it will be case for seeking rectification of mistake apparent from record.

A rectification application u/s 154 shall be filed. provided the time period for making the application has not expired.