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sec 139(5)

10 October 2017

what will be consequences if belated return under section 139(4) is revise under Section 139(5). with an increase in income and text liability.

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170798 Points)
Replied 10 October 2017

No specific consequences......... unless the changes are abnormal.......

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SHIRISH S S (Proprietor) (1030 Points)
Replied 10 October 2017

It is proposed to substitute sub-section (5) of section 139 so as to provide that if any person, having furnished a return under sub-section (1) or under sub-section (4), or in a return furnished in response to notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

So for Ay 2017-18 can be revised u/s 139(5) till 31 march 2019.

What exactly is "compeletion of assesment"

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