Revised Return

[AMIT JAIN, Advocate]

Sir i was filled original returnfor A.Y 2011-2012 on dated 20-06-2011. can I filled revised return for A.Y 2011-2012

[rishi mohan]

Revised Return of Income Tax can be filed by an assessee any time before the expiry of 1 year from the end of the Relevant Assessment Year or before the completion of assessment (whichever is earlier)

For example: If a Return of Income is filed by the assessee for the Financial Year 2010-11 i.e. Assessment Year 2011-12 on 20th June 2011 (before the due date of filing of Income Tax Return i.e. 31st July 2011), and he later discovers some mistake, he can file a Revised Return of Income Tax anytime up to 31st March 2013 or before the completion of Assessment whichever is earlier.

There is no restriction on the no. of times a return can be revised and it can be revised any no. of times provided it is within the prescribed time limits. Thus, in the above case, the Revision can be applied for any number of times provided it is filed before 31st March 2013 or before the completion of assessment.

[CS RAHUL AGARWAL]

Sir,

An assessment is deemed to be completed when assessment order is passed as per my understanding. Is there something more to it ?

Also where a notice u/s 143(2) is received by an assessee, can he still revise the return ? Receiving notice or initiating assessment proceeding, cannot be construed as completion of assessment i belive. Please correct my understanding.

[CS RAHUL AGARWAL]

An assessment is deemed to be completed when assessment order is passed u/s 143 as per my understanding.

Also where a notice for furnishing documents & record is received or notice for initiating assessment proceeding, it cannot be construed as completion of assessment i believe. Then why cannot it be revised in terms of 139 (5) ?? Till the AO pass the order of assessment u/s 143, assessee reserves the right to revise return on account of any omission or mistake. Notice u/s 143(2) is merely a notice of assessment proceeding being initiated by the department (BUT ASSESSMENT NOT YET COMPLETE).

Where an assessee do not comply/respond/furnish notice u/s 143(2), then AO will assess the liablity by making assessment order as ex-parte/best judgement. That implies, assessment is bout to be done and order for the same is passed only after response/furnishing details by the assessee. So, when the order of assessment is not made then as per S. 139(5) why cannot assessee revise his return? I believe that during the process of initiating assessment, the assessee can revise the return and furnish a letter to the concerned AO for taking into account revise return for the purpose of assessment.

Others expert view and guidance is always welcomed.

AI Summary

Revised Tax Returns Allowed Before Assessment Finalization, Even After Section 143(2) Notice for AY 2011-2012. An individual inquired about the possibility of filing a revised income tax return for the Assessment Year 2011-2012. A respondent clarified that a revised return can be filed within one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Another participant questioned whether receiving a notice under section 143(2) affects the ability to revise a return. It was explained that assessment is not complete until an order is passed, and until then, the return can be revised. The discussion emphasized that revisions are permissible before the assessment is finalized.