Section 139(5) deals with the revised return provision under the income Tax Act-1961. It reads as under:
(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 clearly provides that revised return can be filed any time before the end of the assessment year. For FY 2016-17 (AY 2017-18), the last permissible date for revising it was 31.03.2018. No revised return is now possible for FY 2016-17 return.
Earlier, there was a period of 2 years for revising the return of incme which is reduced to one year now and only reurn can be revised if it is within the same assessment year only.
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