Revised return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 October 2011 Please tell me
Can revised return u/s.139(5) be filed even after notice for scrutiny u/s 143(2) is served?

CA RICHA BADALIA

CA RICHA BADALIA (Expert)
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31 October 2011 A return can be revised even if notice u/s 143(2) has been issued because assessment has not been completed.Fresh notice is to be issued by AO.Even during the assessment procedure u/s 143(3) return can be revised.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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31 October 2011 If an assessee 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.

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.

For example : Therefore a return of A.Y 2009-10 can be revised till 31st March 2011 or before the completion of the assessment whichever is earlier.

A notice u/s 143(2) is not an assessment order and therefore if the same is received before 31.03.2011 (As per above example) the revised return can be filed till 31.03.2011

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Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2011 What is the date of filling of revised return in the given case , a person filing return for Asst year 2009-10 with in the time limit given in sec 139(1) if income tax act.but
notice of sec 143(2) is served in Sep 2011.So, please tell me. Thanks for the reply of my question.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 November 2011 No in the given case it can not be revised. Last date was 31.03.2011.

Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2011 if the notice is given u/s 143(2) is valid notice ? what is the time limit of issue of notice u/s 143(2)?

tanx for replay

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 November 2011 Time limit for issuance of notice u/s 143(2)is 12 months from the end of the month in which the return was furnished.

Sec 143(2) says---
no notice under this sub-section shall be served on the assessee after the expiry of twelve months from the end of the month in which the return is furnished.

Say if your return was furnished in Sep 2010 the notice is a perfectly valid notice.