Revised Return AY2006-07& 2007-08

Revised Return [Section 139(5)]

What is Revised Income tax Return? Who is eligible to file revised return?

Any person who has furnished his return,

• Within the time allowed, or

• In response to a Notice under section 142(1)

discovers any omission or any wrong statement therein, he may furnish a revised return at any time

• Before the Expiry of One Year from the end of the relevant assessment year, or

• Completion of Assessment whichever is earlier

Note: -

 

 

• A Loss Return can be revised, as a return filed under section 139(3) is treated as return filed under section 139(1).

   

   

• Belated returns filed under section 139(4), is not explicitly covered by section 139(5). Hence, they cannot be revised.

   

   

• However, A Return filed u/s 139(4A), 139(4B), 139(4C) and 139(4D) can be revised.

   

   

• Revised return filed u/s 139(5) substitutes the return filed or deemed to be filed u/s 139(1). Hence, any number of revised returns can be filed for the original return filed on time.