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Section 139(4) and (5) (Income Tax)

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This query is : Resolved

( Querist )
04 March 2009

As Per Section 139(4)& (5) Belated Return and Revised Return can be filed latest by end of one year from the Relevant AY but if one has not filed the Return within this period than can he file Return beyond this date if yes under which section

CA Tirth Ajani

( Expert )
05 March 2009

yes it can b filled. but consequences of late submission will be:

liable of penalty interest US 234B.

penalty of Rs. 5000 may be imposed US 271F.

IF return of loss than loss can not be carried forward.

Deduction US 10A 10B 80IA 80IAB 80IB and 80IC is not available.

and if a return is filed after the completion of assessment but before service of demand notice than such return is not a valid return.



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