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Whether revised return can be filed or Not

CA Abhishek Singh (practice) (2105 Points)

17 December 2010

One of our client has not filed return within due date.

i am aware that revised return cannot be filed.

Now his income has to be increased for loan purpose. Is their any way i.e. by paying penalty one can file revised return even after due date.

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5 Replies

Dhawal Mohnot (Practicing) (449 Points)
Replied 17 December 2010

there is no question of revising a return where in first place the return has not been filed at all. you still have to file your original return and hence you can file as per your clients account statements.

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(Guest)

A revised return can be filed for correcting ant omission or wrong syatement made in the revised return, because the revise return replaces the original return. For example: If return for A.Y.10-11 is filed on 31.7.10 and revised on 15.2.11 (before the assessment is completed) such revised return can be revised at any time upto 31.3.2012 or before the completion of assessment ., whichever is earlier.

So upto my knowledge can revise the return upto the last day of the next assessment year or before the assessment whichever is earlier.

Santhosh Poojary (SIEMPRE AHÍ PARA TI) (15607 Points)
Replied 17 December 2010

Agree with Jayasri

Revised return can be filled within the last day of the next assessment year or before the assessment whichever is earlier.

Regrds.

CA. Nishant Jain (Audit Executive) (411 Points)
Replied 18 December 2010

Dear Abhishek,

First of all I would like to make a correction to the replies of my two friends above and will agree to your point, that only a return filed within due date i.e, u/s 139(1) or against a notice u/s 142(1) can be revised. A return filed u/s 139(4) i.e., Belated Return cannot be revised (unless filed u/s 139(3) - Loss return). Now as per your query, if you try to revise your return declaring higher income than your original return filed after due date will not only be invalid but also create an evidence for A.O. for concealment of income and he will initiate proceeding against you for the same and will impose penalties u/s 271(1)(c) which are as high as 300%. The only remedy available to you is to follow provisions of section 273A and ask for waiver of penalties which can be claimed only once in a life time. But its a long and not so easy process and should be followed if you need it really badly.