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Meaning of Belated Return, Filing Income Tax Return After Due Date :

As per section 139(1), it is compulsory for every assessee to file a return of income or loss for every previous year on or before the due date in the prescribed form if comes under the income tax slab rates. If person and company fails to file ITR on timely basis then following following consequences occurred.

Any person who has not furnished a return within the time allowed to him under section 139(1) or within the time allowed under a notice issued under section 142(1) may furnish the return for any previous year at the time -

 

  • Before the expiry of one year from the end of the relevant assessment year or
  • Before the completion of the assessment year
whichever is earlier.
A Belated Return can not be revised. It has been held in Kumar Jagdish Chandra Sinha v. CIT (1996) 86 Taxman 122 (SC) that only a return furnished under section 139(1) or in pursuance of a notice under section 142(1) can be revised. A belated return under section 139(4) can't be revised.
Note - Notice under section 142(1) is served by the Assessing Officer for the purpose of making an assessment :-
(a) On any person who has filed a return under section 139(1) to -
  • Produce or cause to be produced such accounts or documents as may be required by the Assessing Officer or
  • To furnish in writing information in the prescribed form on such points or matters as required by the Assessing Officer.
(b) On a person who has not filed his return within the time allowed under section 139(1) or before the end of the relevant assessment year to -
  • Furnish a return of his income or the income of any other person in respect of which he is assessable under the Act, in the prescribed form containing the prescribed particulars or
  • Cause to be produced such accounts or documents as may be required by Assessing Officer or
  • To furnish in writing information in the prescribed form on such points or matters as required by the Assessing Officer.
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