27 May 2015
whether any belated return filed after due date can be revised under income tax whether ITR or TDS return filed and also what is major drawback if return filed after due date.
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.