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What is a belated return?
A return of income is called belated return if it is filed after the expiry of the original due date specified under section 139(1).
What is the time limit to file a belated return?
A belated return can be filed at any time 3 months before the end of the relevant assessment year (i.e. till 31st December of the relevant assessment year) or before the completion of the assessment, whichever is earlier.
What are the consequences of filing a belated return?
There are certain benefits which are available to an assessee only if he files the income-tax return on or before the original due dates. Besides losing these benefits, late filing fee under section 234F and interest under section 234A shall also be recovered from the assessee for filing a belated return.
What is a revised return?
If a taxpayer fails to include certain information or makes a mistake in income tax return, it can be corrected by filing a revised return. This applies to both unintentional errors and omissions.
Which returns can be revised under section 139(5)?
Only a return filed under section 139(1) or a belated return filed under section 139(4) can be revised. A return of income filed pursuant to notice issued under section 142(1) cannot be revised under section 139(5).
What is the time limit to revise an income tax return?
A return can be revised at any time 3 months before the end of the relevant assessment year (i.e. till 31st December of the relevant assessment year) or before the completion of the assessment, whichever is earlier.