Belated Return & Modified Return: Missed out on the income tax return filing deadline? An assessee does not file his return within the timelines recommended in the earnings tax act but submits it after the due date is referred to as a belated return. The due date for filing a belated return is on or before the end of the relevant evaluation year.
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Belated return [Section 139(4)]
Any person who has actually not furnished a return within the time allowed to him under area 139( 1) might provide the return for any previous year at any time–
- ( i) prior to completion of the relevant evaluation year; or
- ( ii) before the conclusion of the assessment,
whichever is previously.
If an assessee has actually not submitted his return of earnings:
- On or before the due date pointed out under section 139( 1 ); or
- Within the time allowed under a notification issued by the Assessing Officer under area 142( 1 )*,
He can still file the return of income. Such a return is called belated/late return. Belated return can be submitted at any time:
- Before the expiration of one year from the end of the relevant assessment year, or
- Before the completion of the evaluation,
Whichever is earlier.
Example: Ram has a taxable income of Rs. 7,00,000 from salary in AY 2019-20 He submits his return on fifth September2019 His due date to file the return is 31 st July2019 Given that he has filed it on fifth September 2019 it is a belated return. Ram can submit his belated return anytime till 31 st March 2024.
Must Read– Income from Wages
Modified return [Section 139(5)]
If any person having provided a return under section 139( 1) or a belated return under area 139( 4 ), finds any omission or any incorrect statement therein, he may provide a revised return at any time–
If an assessee, after providing the return of income:
- Under section 139( 1 ), or
- In pursuance of a notification under area 142( 1 ), feels that he needs to revise the return of earnings, he can do so
Before the expiration of one year from completion of the appropriate assessment year, or
Prior to the conclusion of the evaluation,
” With impact from the fiscal year 2016-17, a belated return can be modified. For the financial year 2017-18, a belated return can be revised either before completion of the assessment year, i.e., end of the following fiscal year (August 31, 2019) or prior to the conclusion of assessment of the income tax return by the tax authorities, whichever is previously.”
An earnings tax return or “return of income” not furnished on or prior to the due date is known as a belated return. 5,000 is payable by the assessee for furnishing an income tax return after the due date (August 31) but prior to December 31 of the evaluation year, according to the Income Tax Department’s website– incometaxindia.gov.in.
Can a belated return under area 139( 4) be modified:
There was a difference of opinion among various expenses regarding filing of modified return in respect of belated returns. It has been held that a belated return submitted under area 139 (4) can not be modified as section 139( 5) offers that only return filed under area 139( 1) or in pursuance to a notification under section 142( 1) can be modified[Kumar Jagdish Chandra Sinha v CIT (1996)220 ITR 67(SC)]
Must Read– Earnings from House Residential Or Commercial Property
Can a revised return be further modified:
If the assessee finds any omission or any wrong statement any modified return, it is possible to modify such a revised return supplied it is modified within the exact same proposed time [Lal Ram Chandra v CIT (1982) 134 ITR 352 (All); CIT v Shivastava (Dr.N) (1988) 170 ITR 556 (MP)]
Hence, there is no limit on the number of times a return can be revised. Offered the exact same is done before the specified due date.
Revised return replaces the initial return:
As soon as a modified return is submitted, the initially submitted return should be taken to have been withdrawn and replaced by the revised return. As soon as you submit the revised return effectively, your original return stands to be withdrawn.
However, if the return is not submitted before the due date, interest under area 234 A/ B/ C will be levied if it is a case of tax payment. No matter what ever the consequences are, it is always helpful to file the real & fair return on time & pay enough taxes prior to the due date.
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