Revised Return - Section 139(5)

Revised return rules permit filing within assessment-year deadlines, affecting belated returns and carry-forward of losses.

Revised return under Section 139(5) permits filing within prescribed cut-off dates tied to the end of the assessment year or completion of assessment; a revised return correcting omissions or wrong statements must be filed within the period ending three months before the close of the relevant assessment year or before completion of assessment. Belated returns' reviseability changed by amendments, losses in returns filed after the due date cannot be carried forward, the revised return substitutes the original from its filing date, revision may follow intimation, and multiple revisions are allowed within the limitation period.