Revised Return

Dear Arun,

as per the clause mentioned below - I think only two conditions are there to file a revise return

1) Original return should be filed in time

2) due date for filing the revise return should not have lapsed.

Section 139

[(4) Any person who has not furnished a return within the time allowed²⁶ to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time²⁶ before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier : Provided that where the return relates to a previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, the reference to one year aforesaid shall be construed as a reference to two years from the end of the relevant assessment year.]

Dear Arun,

           loss return can be revised if it is filed within the time specified

Loss return can be revised if the same filed with in the time limit prescribed in section 139(1).