Vignesh P (Company Secretary) (109 Points)
08 January 2018Can a belated return be revised (AY 2017-18)....?? Can a revised return be filed even in case of assessees who are subject to tax audit..?
Kindly clarify
Thanks in advance
Vignesh P
Dipanshu arora
(CA Final Student)
(418 Points)
Replied 08 January 2018
Yes, as per section 139(5) of the Act, belated return can be revised upto the end ot relevant AY or completion of assessement whichever is earlier. U can file belated return along with tax audit subject to penalty under section 271 B( .5% of the turnover or Rs 150000/- whichever is lower).
Arjun Gupta
(Chartered Accountant)
(177 Points)
Replied 08 January 2018
From AY17-18, a belated return can be revised. Also, a revised return can be filed even in case of assessees are subject to tax audit.
Vignesh P
(Company Secretary)
(109 Points)
Replied 08 January 2018
Dear Sirs,
Thank you for the quick response, kindly clarify as to whether penalty u/s 271B would be attracted or not where Tax audit report is submitted along with the original return which is proposed to be revised.
There was no default in getting books of accounts audited and obtaining a report u/s 44AB, however some mistakes were spotted after filing the return along with tax audit report.
Thanks and Regards
Vignesh P
CAclubindia
