Abhinandan Baid (CA Practice ) (113 Points)
24 May 2012Hello Everyone ,
A person (individual) filed return for the the assessment year 2011-12 on 5th February 2012 with Gross Total income of Rs.400,828 but now he has realised that he has left Sale of Rs 1 lac unaccounted . So can he file revised return by increasing profit by Rs. 1lac so that his profit becomes Rs.500,828
Please suggest
Thanks
CA.kaya
(Chartered accountant)
(3990 Points)
Replied 24 May 2012
An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act in respect of the number of time for which the return of income may be revised by the assessee. However, if a person deliberately files a false return he will be liable to be imprisoned under section 277 and the offence will not be condoned by filing a revised return.
As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Thus return of A.Y 2011-12 can be revised till 31st March 2013 or before the completion of the assessment whichever is earlier.
CA Abhirup Kar
(CA)
(92 Points)
Replied 24 May 2012
A return filled u/s 139(4) i.e belated return , cannot be revised u/s 139(5)..
KARANDEEP,CA,B.Com,CS FNL
(JOB)
(457 Points)
Replied 24 May 2012
| Originally posted by : Abhirup Kar | ||
 |
A return filled u/s 139(4) i.e belated return , cannot be revised u/s 139(5).. |
 |
Agreed.
Rupesh Maheshwari
(ACA, Dip. IFR (ACCA))
(6166 Points)
Replied 25 May 2012
Return filed on 5th Feb, 2012 is a belated return u/s 139(4)....it can't be revised in any case....
CA JATINDER KAPOOR
(JOB)
(305 Points)
Replied 25 May 2012
A return of income can be revised only if he filed ROI on due date so therefore return can not be revised.
CA Darshak Shah
(Practicing CA)
(1889 Points)
Replied 25 May 2012
Agree with experts...
Late return cant be revised....
ALOK KUMAR JHA
(STAFF)
(74 Points)
Replied 25 May 2012
AGREED THAT A RETURN FILED AFTER DUE DATE OR TIME GIVEN U/S 142,CAN NOT BE REVISED.
Abhinandan Baid
(CA Practice )
(113 Points)
Replied 25 May 2012
Thanks All of You for the participationa and input.
Thanks Again
CA Priyaadarshini
(CA)
(105 Points)
Replied 26 May 2012
This is a belated return and cannot be revised
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