28 May 2015
No. Belated Income tax Return can not be revised.
Disadvantages of Belated Return:
1) You will not be able to carry forward your Business loss (Speculation or otherwise) , capital loss , loss due to owning and maintaining of race horses. 2) Return can not be revised. 3) If a tax payer fails to file his returns before the end of the relevant assessment year, then tax authorities may impose a penalty of Rs. 5,000 u/s 271F. 4) You may loose interest on refund u/s 244A specially in case if you are claiming a Major amount as refund.