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 return: taxpayers may file under section 139(5) until assessment is completed or statutory deadline passes.
A Revised Return may be filed any time before the earlier of one year from the end of the relevant assessment year or the completion of assessment, per section 139(5). There is no limit on the number of revisions so long as each is within the temporal limit. Completion of assessment occurs when the assessing officer passes the assessment order; issuance of notices or initiation of proceedings does not by itself constitute completion, so taxpayers can revise returns while assessment is pending and should furnish the revised return to the assessing officer for consideration.