Time period for filing returns &revised returns


Last Date of filling of Return Upto A.Y. 2016-17


As per section 139(4) of the act, any person who has not furnished a return within the due date mentioned above, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.


In simple words, assessee can file a return within 2 years from the end of the relevant financial year.


Last Date of filling of Return From A.Y. 2017-18


In the Finance Act, 2016 made an amendment in section 139(4), the time limit of filling of return has been reduced from 2 years to 1 year from the end of the financial year.


As per section 139(4) of the act, any person who has not furnished a return within the due date mentioned above, 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.


In simple words, assessee can file a return within 1 year from the end of the relevant financial year.


Revision of Return Upto A.Y. 2016-17


As per section 139(5), if any person, having furnished a return under sub-section (1), 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 before the completion of the assessment, whichever is earlier.


 


In simple words, assessee can revise only those return filed before due date u/s 139(1) within 2 years from the end of the relevant financial year


Revision of Return From A.Y. 2017-18


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 expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.


In simple words, assessee can revise its return even filed after due date mentioned above within 2 years from the end of the relevant financial year.