Revised return
This query is : Resolved
09 March 2016
tax audit return has been filed for A.Y 2013-14 excluding capital gain. now I want to file a revised return for tht year. is it possible? will thr be any tax payable in.the way of penalty
09 March 2016
The ans is no as the time limit to file revised return is 1 year from end of relevant AY which comes to 31.3.2015
09 March 2016
A.Y 2013-14 means F.Y 2012-13 so one year wud be 31.3.2014 for which A.Y would be 2014-15
how come 21.3.2015
22 July 2025
Here's a clear explanation regarding revising a tax audit return for AY 2013-14:
🔍 Situation:
Tax audit return for AY 2013-14 (Financial Year 2012-13) was filed excluding capital gains.
Now you want to file a revised return for AY 2013-14.
Concern about possibility and penalty implications.
✅ Key Points:
Time limit to file a revised return u/s 139(5) is 1 year from the end of the relevant Assessment Year (AY).
For AY 2013-14 (which corresponds to FY 2012-13), the relevant AY ends on 31 March 2014.
So, the last date to file a revised return was 31 March 2015.
Since now it is after 31 March 2015, you cannot file a revised return for AY 2013-14.
✅ Penalty and Tax Payable:
If you filed the original return excluding capital gains, the income tax department may detect this during processing or assessment.
If the department raises a demand, you may have to pay tax on the omitted capital gain, interest, and possibly penalty.
If you want to correct the mistake now (after deadline), you may file a rectification application u/s 154 after receiving intimation, or
Consider filing a penalty application or approach the department under the Vivad se Vishwas scheme or other settlement options if applicable.
Summary Table:
Aspect Detail
AY 2013-14 end date 31 March 2014
Last date to revise return 31 March 2015
Can you revise now? No, time limit expired
Penalty implication Possible if omission detected
Alternative remedy Rectification after intimation, appeal, or settlement
🔍 Situation:
Tax audit return for AY 2013-14 (Financial Year 2012-13) was filed excluding capital gains.
Now you want to file a revised return for AY 2013-14.
Concern about possibility and penalty implications.
✅ Key Points:
Time limit to file a revised return u/s 139(5) is 1 year from the end of the relevant Assessment Year (AY).
For AY 2013-14 (which corresponds to FY 2012-13), the relevant AY ends on 31 March 2014.
So, the last date to file a revised return was 31 March 2015.
Since now it is after 31 March 2015, you cannot file a revised return for AY 2013-14.
✅ Penalty and Tax Payable:
If you filed the original return excluding capital gains, the income tax department may detect this during processing or assessment.
If the department raises a demand, you may have to pay tax on the omitted capital gain, interest, and possibly penalty.
If you want to correct the mistake now (after deadline), you may file a rectification application u/s 154 after receiving intimation, or
Consider filing a penalty application or approach the department under the Vivad se Vishwas scheme or other settlement options if applicable.
Summary Table:
Aspect Detail
AY 2013-14 end date 31 March 2014
Last date to revise return 31 March 2015
Can you revise now? No, time limit expired
Penalty implication Possible if omission detected
Alternative remedy Rectification after intimation, appeal, or settlement
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