Revised Return

Hello Everybody,

My doubt is -

A company filed its return with a loss of 50 lacs for the A.Y.2008-09 within due date. The Assessing officer assessed the return and added back Rs.5 lacs as per 43B disallowance which is allowable as deduction in A.Y.2009-10 and reassessed the loss as 45 lacs.

So the company need to revise the return for the A.Y.2009-10 & 2010-11.

Can i revise the return of A.Y.2009-10 as the time limit expires on 31.03.2011....?

If not, Is there any remedy for the same....?

Replies (1)

Hello Ramees,

Here revised return can not be filed because of expiry of time limit u/s 139(5) of income tax act, but it can filed an application for rectification of mistake u/s 154 of income tax act.

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