Tax Returns Return—Turn to Rewrite

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The Tax Publishers Income Tax--Tax Returns Return--Turn to Rewrite Srivatsan Ranganathan The author has dealt a recent Supreme Court verdict in this write up and thereby explained the nuances of the various return filing provisions of the Income tax Act, 1961 1. The various returns Section 139(1) enlists various 'due dates' for filing a return for different types of assessees. Section 139(3) talks of a loss return which is a return filed reporting a loss within the due date mentioned in Section 139(1). Implicitly section 139(3) envisages a loss in the return being filed at first instance due to its very wording. 2. Revised return There may be mistakes/errors or omissions which might have crept in filing a return under section 139(1) or (3). To correct those a revised return may be filed. Revised return is covered under section 139(5). The deadline for filing a revised return is also now December 31st of the respective assessment year. This section 139(5) envisages an error or an omission in the return being filed under section 139(1)/(3) vide its wording. A revised return filed will replace the originally filed return within the due date under section 139(1)/(3). 3. Multiple revisions of revised return permitted It is also to be noted that one may revise a return as many times as possible until December 31st of the respective asst. year. This revision may be done even before the due date of filing or after the due date of filing under section 139(1)/(3). This facility to revise a return as many times as possible is an open flexibility which has not been fettered by law until now. A revised return filed can also be revised, it was thus held in Niranjan Lal Ram Chandra v. CIT (1982) 134 ITR 352 (All). 4. Defective return Section 139(9) talks of a defective return which is to correct technical defects in the originally filed return within due date under section 139(1) or (3) which is to be done within 15 days at the behest of the AO or at such extended time as condoned by the AO. If the defect is not corrected within the 15 day window given to the assessee or in the condoned time granted then the originally filed return will be treated as non est as though an assessee has not filed any return and the assessee will be treated as a defaulter in filing return of income. On the contrary if the defect is corrected in the time window given by the AO, then the correction will relate back to the date of filing of the original return. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Income Tax--Tax Returns

Return--Turn to Rewrite

Srivatsan Ranganathan

The author has dealt a recent Supreme Court verdict in this write up and thereby explained the nuances of the various return filing provisions of the Income tax Act, 1961

1. The various returns

Section 139(1) enlists various 'due dates' for filing a return for different types of assessees. Section 139(3) talks of a loss return which is a return filed reporting a loss within the due date mentioned in Section 139(1). Implicitly section 139(3) envisages a loss in the return being filed at first instance due to its very wording.

2. Revised return

There may be mistakes/errors or omissions which might have crept in filing a return under section 139(1) or (3). To correct those a revised return may be filed. Revised return is covered under section 139(5). The deadline for filing a revised return is also now December 31st of the respective assessment year. This section 139(5) envisages an error or an omission in the return being filed under section 139(1)/(3) vide its wording. A revised return filed will replace the originally filed return within the due date under section 139(1)/(3).

3. Multiple revisions of revised return permitted

It is also to be noted that one may revise a return as many times as possible until December 31st of the respective asst. year. This revision may be done even before the due date of filing or after the due date of filing under section 139(1)/(3). This facility to revise a return as many times as possible is an open flexibility which has not been fettered by law until now. A revised return filed can also be revised, it was thus held in Niranjan Lal Ram Chandra v. CIT (1982) 134 ITR 352 (All).

4. Defective return

Section 139(9) talks of a defective return which is to correct technical defects in the originally filed return within due date under section 139(1) or (3) which is to be done within 15 days at the behest of the AO or at such extended time as condoned by the AO. If the defect is not corrected within the 15 day window given to the assessee or in the condoned time granted then the originally filed return will be treated as non est as though an assessee has not filed any return and the assessee will be treated as a defaulter in filing return of income. On the contrary if the defect is corrected in the time window given by the AO, then the correction will relate back to the date of filing of the original return.