When one used to file a belated return of income u/s 139(4), he/ she used to file it very carefully as he/she cannot revise it later. However, now one can even revise a belated return after amendment by Finance Act, 2016.
First let’s understand what is a belated return filed u/s 139(4)?
As per section 139(4) return filed after due date of filing of return of income as mentioned u/s 139(1) but before the end of assessment year is known as belated return of income.
After the amendment by Finance Act, 2016 of sub section (5) of section 139, return filed under sub section (4) was also added to the list of return that can be revised under sub section (5) of section 139 which is read as “If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier”.
Therefore, now one can even revise belated return and it can be revised before the end of relevant assessment year or before the completion of assessment whichever is earlier.
FAQ on filing revise return:
Q1. The first question would be how many times can we file a revise return and can we revise a revised return?
Ans. You can file as many revised return as you want till the time limit provided in section 139(5), and yes you can revise a revised return.
Q2. If you have filed a revised return which return will be considered for your income tax assessment?
Ans. After revised return has been filed it overtakes the original return and then only return is considered as final return.
Q3. Can you file a revised return after you have received an intimation for your original return?
Ans. Yes you can file a revise return after you have received an intimation for your original return as you can file revised return till end of assessment year or closure of assessment proceedings whichever is earlier.
Q4. Can you file a revised return during an ongoing assessment proceedings?
Ans. As per section 139(5) you may revise your income tax return before end of assessment year or closure of assessment proceedings so based on above meaning you can surely revise your income tax return during an ongoing assessment proceedings.
Q5. Can you file a revise return after you have received a refund based on the information of original return?
Ans. Yes you can file the revise return but the refund already received by you would be taken into consideration at the time of processing the revised return and therefore your tax payable would be decided accordingly.
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