If a person has filed his return of Income u/s 139(1) of Income Tax Act 1961 i.e. within the due date of filing the return and if he subsequently finds that in the original return he has committed some mistake bonafidely then he can revise his return of income u/s 139(5) of Income Tax Act. The following provisions relating to revise returns.
Revised return should be filed only if the mistake is bonafide: Original return should be revised only if there is a bonafide mistake in the original return. The benefit of section 139(5) cannot be claimed by a person who has made false return knowing it to be false.
Time period of filing the 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 2010-11 can be revised till 31st March 2012 or before the completion of the assessment whichever is earlier.
Revised return can be filed only if the original return was filed within due date: A return filed only u/s 139(1) can be revised i.e. only return filed within the due date as prescribed u/s 139(1) can be revised. A belated return filed u/s 139(4) can not be revised. Thus if a return is filed after the due date then it cannot be revised.
Return filed in response to notice u/s 148 can also be revised: Return filed in response to notice u/s 148 can also be revised, as it is provided u/s 148 that for such return all the provisions of section 139 shall apply. It is to be noted that notice u/s 148 is issued for the assessment of the escaped income.
Whether any penalty can be levied u/s 271(1)(c) for corrections made in revised return?: Section 271(1)(c) of Income Tax Act provides penalty for concealment of Income and for furnishing inaccurate particulars in the return of Income. In view of this section the question arises in mind that if a person declares more income in the revised return than in the original return whether in such case any penalty u/s 271(1)(c) can be levied or not?
It is to be noted that if revised return is filed to correct a bonafide mistake then no penalty can be levied, otherwise it can be levied. It is seen that sometimes assessees tend to file revised return after search or survey; some case laws are provided here below to throw some light on it.
Openion: As per my view Return of Income should be filed within due date and with utmost care. If bonafidely some mistake still happens in the original return then the benefit of filing the revised return can be taken.
It is advisable that if any mistake has happened in the original return then revised return should be filed before any action on the mistake is taken by the AO to escape penalty u/s 271(1)(c).
Revised return should be filed only if the mistake is bonafide: Original return should be revised only if there is a bonafide mistake in the original return. The benefit of section 139(5) cannot be claimed by a person who has made false return knowing it to be false.
Time period of filing the 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 2010-11 can be revised till 31st March 2012 or before the completion of the assessment whichever is earlier.
Revised return can be filed only if the original return was filed within due date: A return filed only u/s 139(1) can be revised i.e. only return filed within the due date as prescribed u/s 139(1) can be revised. A belated return filed u/s 139(4) can not be revised. Thus if a return is filed after the due date then it cannot be revised.
Return filed in response to notice u/s 148 can also be revised: Return filed in response to notice u/s 148 can also be revised, as it is provided u/s 148 that for such return all the provisions of section 139 shall apply. It is to be noted that notice u/s 148 is issued for the assessment of the escaped income.
Whether any penalty can be levied u/s 271(1)(c) for corrections made in revised return?: Section 271(1)(c) of Income Tax Act provides penalty for concealment of Income and for furnishing inaccurate particulars in the return of Income. In view of this section the question arises in mind that if a person declares more income in the revised return than in the original return whether in such case any penalty u/s 271(1)(c) can be levied or not?
It is to be noted that if revised return is filed to correct a bonafide mistake then no penalty can be levied, otherwise it can be levied. It is seen that sometimes assessees tend to file revised return after search or survey; some case laws are provided here below to throw some light on it.
Openion: As per my view Return of Income should be filed within due date and with utmost care. If bonafidely some mistake still happens in the original return then the benefit of filing the revised return can be taken.
It is advisable that if any mistake has happened in the original return then revised return should be filed before any action on the mistake is taken by the AO to escape penalty u/s 271(1)(c).
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