Belated And Revised Return

A belated return implies the delayed filing of returns. If the taxpayer has not submitted his

return of income within the due date as specified, or within the time allowed under a notice issued by an assessing officer, the need for filing a belated return arises. If an assessee discovers any omission, fault or wrong statement, a revised return may be filed. In this article, we look at the procedure for filing a belated and revised income tax return.

Due Date for Filing Income Tax Returns

The due date for filing income tax returns for salaried and self-employed individuals is 31st of July of each year. In case of a company or any person requiring 1, the due date for filing an income tax return will be the 30th of September of each year.

Due date for Filing of Belated Returns

Belated returns can be filed before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Penalty for Late Filing Income Tax Returns

It is always appropriate to be punctual as far as income tax filing is concerned. The new Income Tax rules, applicable from the current financial year (2017-18), prescribe a penalty of Rs. 5000 for returns filed after the due date and before 31st of December. If returns aren't filed by this period, a penalty of Rs 10,000 will be applicable. The income tax late filing penalty will be applicable for all persons whose income is above 5,00,000. People whose income is below 5,00,000 would be imposed with a penalty of Rs 1000. Moreover, delayed filing of returns makes it void to carry forward some of the losses to the subsequent year.

When to file a Revised Income Tax Return?

Revised return is filed on any omissions, mistakes or wrong statements made by the assessee during filing of income tax return. It must be noted that only unintentional mistakes are allowed to be revised. Revised returns have no room for concealment or false statement.

Due Date for Filing of Revised Returns

A revised return can be filed before the expiry of one year from the relevant assessment year or before the completion of the assessment, whichever is earlier.

Important Note: The Central Board of Direct Taxes (CBDT) emphasises that Foreign assets & income must be reported accurately in the ITR-2 form to avoid penalties of up to Rs.10 lakhs. The Income Tax Department allows taxpayers to correct any omissions or inaccuracies by filing a revised return. For the A.Y.2024- 25 revised return can be filed upto “December 31, 2024”.

How many times can revised return be filed?

Revised returns can be filed repeatedly, restriction comes only in the form of date, which means that revised return can be filed any number of times, until the prescribed date. Furthermore, a particular return can be revised despite availing refunds for the same.

Revising of Belated Returns

Belated returns filed under Section 139(4) can be revised. This is applicable for returns of the assessment year 2016-17 onwards, and not before that as the Income-tax laws were different prior to this period.

Revised Return's Impact on Carrying Forward Losses

The results of the revised return would substitute that of the original return, which implies that losses or incomes newly calculated would henceforth be applied, and the losses as updated in the revised income shall be carried forward.

Imporant Judicial Decisions Relating to Revised Income

The following are some of the judicial decisions related to revised income:

Mere discovery of omission/mistake wouldn't constitute a revised income, but a bona fide inadvertence or mistake would qualify for a revised return under Section 139(5).
Mistakes/omission must be discovered by the assessee himself. Any interference in discovery by the assessing officer wouldn't constitute a revised return under Section 139(5).
A revised return cannot be filed where the assessee merely changes status and the accounting year or for that matter the method of accounting.

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Frequently Asked Questions

Common questions about Belated and Revised Income Tax Returns Filing Explained.

A belated return refers to the filing of an income tax return after the due date prescribed by the Income Tax Department. It implies a delay in filing the return of income beyond the specified deadline or the time allowed under a notice issued by the assessing officer.

A belated return can be filed before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. For example, if the assessment year is 2023-24, a belated return for that year can be filed until March 31, 2024, or until the completion of the assessment, whichever happens first.

Yes, the Income Tax Department imposes a penalty for late filing of returns. For individuals with income above Rs. 5,00,000, a penalty of Rs. 5,000 is applicable if the return is filed after the due date but before December 31 of the assessment year. If the return is not filed by December 31, a penalty of Rs. 10,000 will be charged.

A revised return is filed when an assessee discovers any omission, mistake, or wrong statement in the originally filed return. A revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Yes, revised returns can be filed repeatedly, as long as it is within the prescribed time limit. There is no restriction on the number of times a revised return can be filed for a particular assessment year.

Yes, belated returns filed under Section 139(4) of the Income Tax Act can be revised. This provision is applicable for the assessment year 2016-17 onwards.

The results of the revised return would substitute those of the original return. This means that any losses or incomes newly calculated in the revised return would be applicable, and the updated losses shall be carried forward.

No, a revised return cannot be filed for any reason. The Income Tax Department allows revised returns to be filed only in case of unintentional mistakes, omissions, or wrong statements. Intentional concealment or false statements are not permitted.

Yes, the Central Board of Direct Taxes (CBDT) emphasizes the accurate reporting of foreign assets and income in the ITR-2 form to avoid penalties of up to Rs. 10 lakhs.

Yes, a revised return can be filed even after availing a refund for the same assessment year. The revised return would supersede the original return, and any adjustments to the refund amount would be made accordingly.