INCOME TAX CHANGE IN LAW OF BELATED RETURN IN INCOME TAX FROM A.Y. 2017-18 BELATED RETURN U/S 139(4)

CHANGE IN LAW OF BELATED RETURN IN INCOME TAX FROM A.Y. 2017-18 BELATED RETURN U/S 139(4)

Old provision up to assessment year 2016-17 :- Any person who has not filed his return within the time allowed us 139(1) he can filed his 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. New provision applicable from assessment year 2017-18:-

Any person who has not filed his return within due date given under section 139(1) he can filed his return at any time before the end of relevant assessment year or completion of assessment whichever is earlier. That means maximum time allowed under us 139(4) for filling the return of any previous year is up to end of relevant assessment year.

REVISE RETURN U/S 139(5)

Old provision up to assessment year 2016-17:-Any person filed his Return within due date given under section 139(1) can be revised at any time before completion of one year from the end of the relevant assessment year or completion of assessment whichever is earlier.

New provision applicable from assessment year 2017-18:-Any person filed his return either under section 139(1) or 139(4) can filed revised return us 139(5) at any time before end of relevant assessment year or completion of assessment whichever is earlier. So, according to new provision applicable from A.Y. 2017-18 Maximum Time Limit for filling Original Return is up to end of the Assessment year and similarly Revised return can be filed up to end of Relevant Assessment Year.

If there is any situation arise when assessee filed return and intimation issued u/s 143(1) neither assessment year is ended nor assessment was completed can Assessee is eligible to file Revise Return?

Answer is yes. Assesee is bound to file Revise Return under section 139(5) at any time before end of relevant Assessment Year or completion of Assessment whichever is earlier. Because Intimation under section 143(1) is not an Assessment Order and there is time prescribed under section 139(5) for filing return. Supporting court orders in favor of this answer: - S. R. Koshit vs. CIT, Tarsem Kumar vs. ITO, Tata Metaliks Ltd vs. CIT

CONCLUSION:-

From the Assessment Year 2017-18 maximum times allowed to file both Original as well as Revised Return is up to the end of the relevant Assessment Year or Completion of Assessment Year whichever is earlier.From the Assessment Year any return filed before end of the Assessment Year can be revised at any time before end of the relevant Assessment Year or completion of Assessment whichever is earlier.

Intimation is not an Assessment Order. Assessee is entitled to file Revise Return even after issue of Intimation under section 143(1) and there is time prescribed under section 139(5)for filing revised return.

Share This Post

Related Articles

Need help?

Request a call
from a RJA
Business Advisor.

LET'S TALK

Popular Categories

Recent Posts

guide-to-company-registration.jpg

Guide to Company Registration

review-of-new-company-approval-process.jpg

Review of New Company Approval Process

requirements-for-company-registration.jpg

Requirements for Company Registration

gst-impact-on-e-commerce-sector.jpg

GST Impact On E-Commerce Sector

gst-impact-on-energy-sector.jpg

GST Impact on Energy Sector

Connect with a RJA Advisor

Fields marked with an * are required

Share this article on

Money Back Guarantee

Not happy with the service? You can request a refund at anytime within 30 days!

24/7 Support

Get support through phone, email, mobile app or live chat - 24/7, 365 days.

EMI Payment

Easily pay online with EMI payments, credit or debit card, net banking, PayPal and more.

Legal Disclaimer--

The information contained on this website merely provides details of our firm to persons who have shown interest in knowing more about us and is not intended to solicit work or advertise our capabilities in any manner. The information provided on this website is general in nature and should not be used as a basis of decision-making without further professional advice. The third party site links are only provided for ready reference of the users and CA Rajput Jain & Associates neither controls their content nor undertakes any responsibility regarding them.

© 2016 Rajput Jain & Associates | All Rights Reserved