Income Tax Revised Return - Requirements?

by Ankur Parukh
(Mumbai)

We want to file a revised return. Reason of revision is wrong entry made in books of accounts. Because of which Balance Sheet is showing wrong picture. Accounts are of Society and it has been audited by CA. Can we file revised return?

Reply from M/s.V.Krishnan & Co.:

As per section 139(5) of the Income tax Act, 1961, any person who has filed his return of income within the due date for filing return of income, can file revised return to correct any error or omission, within 1 year from the end of the relevant assessment year or before completion of assessment, whichever is earlier.

Hence, if you need to rectify the error in the books of accounts you can file revised return, provided you satisfy the time limit relating to both filing original and revised return.

Owing to inherent limitations in the conduct of Audit of accounts, there can be errors or frauds, remaining undetected, even after completion of the Audit. The fact that the accounts is relating to Society or the fact that the Accounts have been audited does not affect the legal provision under section 139(5).