there is no question of revising a return where in first place the return has not been filed at all. you still have to file your original return and hence you can file as per your clients account statements.
Agree with Jayasri
Revised return can be filled within the last day of the next assessment year or before the assessment whichever is earlier.
Regrds.
Dear Abhishek,
First of all I would like to make a correction to the replies of my two friends above and will agree to your point, that only a return filed within due date i.e, u/s 139(1) or against a notice u/s 142(1) can be revised. A return filed u/s 139(4) i.e., Belated Return cannot be revised (unless filed u/s 139(3) - Loss return). Now as per your query, if you try to revise your return declaring higher income than your original return filed after due date will not only be invalid but also create an evidence for A.O. for concealment of income and he will initiate proceeding against you for the same and will impose penalties u/s 271(1)(c) which are as high as 300%. The only remedy available to you is to follow provisions of section 273A and ask for waiver of penalties which can be claimed only once in a life time. But its a long and not so easy process and should be followed if you need it really badly.
Sorry, I would like to make a correction to my reply above - a return filed u/s 139(3) can only be revised if filed on or before due date.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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