The provisions of belated return is given under section 139(4) and that of revised return in 139(5).
As per section 139(4), any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
As per section 139(5), If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Section 139(4) & 139(5) has been amended by Finance Act, 2016
Prior to amendment, both section read as follows –
As per section 139(4), Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year form the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
As per section 139(5), if any person, having furnished the return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142 discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or completion of assessment, whichever is earlier.”
Thus now the time limit for both belated return and revised return has been reduced and both have the same deadline.
So an assesse can revise the following 2 returns –
# Original Return filed u/s 139(1)
# Belated Return filed u/s 139(4)
If a person fails to file return within due date, he can file belated return u/s 139(4) upto end of relevant assessment year or completion of assessment, whichever is earlier. However, the time limit to revise this belated return is also same as time limit of filing this belated return.
So if you file your belated return on 31st march, 2021 for FY 2019-20, then you can no longer revise it, as deadline for revised return also ends on this date.
It is to be noted that, the return which can be revised under section 139(5) also includes a return furnished in response to notice issued under subsection (1) of section 142.
