Section 139(4): Belated Return under Income Tax Act, 1961

By | July 23, 2015
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Every person, being a person specified in S. 139(1), is required to furnish a return of his income on or before the due date. The ‘due date’ is defined by Explanation 2 of S. 139(1).

A person who has not furnished a return within the time allowed to him u/s 139(1) may furnish the return, at any time before the expiry of one year from the end of the relevant assessment year or before the completion of assessment whichever is earlier.

The due date for filing income tax return for corporate assessee’s and other assessee’s who are  required to get their accounts audited under Income Tax Act, 1961 or under any other law for the time being in force is 30th September and for others it is 31st July every year as have been prescribed u/s 139(1).

A person who has not filed a return of income within the time allowed to him under sub-section (1) or sub-section (2) of section 139 of the Act, but files a return of income under section 139(4) is not entitled to file a revised return under section 139(5) of the Act. Such a return of income cannot also be taken into consideration for the purposes of computing the period of limitation under section 153(1)(c) of the Act, and therefore, the extended time limit of one year under section 153(1)(c) will not be available in respect of a revised return of income purported to have been filed under section 139(5) where originally the return was filled under section 139(4).

Reference:

As Per 139(4), of the Income Tax Act, 1961-

Return of income.

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

Provided that where the return relates to a previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, the reference to one year aforesaid shall be construed as a reference to two years from the end of the relevant assessment year.

Related posts:

  1. Section 139(5): Revised Return under the Income Tax Act, 1961
  2. Section 139(3): Loss return filed under Income Tax Act, 1961
  3. Section 139(9): Defective Return under Income Tax Act, 1961
  4. Rule 139(1): Compulsory filling of Return of Income under Income Tax Act, 1961
  5. Section 139(4B): Political party to furnish the return of income under the Income Tax Act, 1961
  6. Section 139(4A): Charitable or Religious Trust or Institution to furnish the return of income under Income Tax Act, 1961

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