Belated Return U/s 139 (4)
Filing late Return of Income u/s 139 (4) after the end of assessment year Vs. Prosecution U/s 276CC
Provisions of section 139 (4) allow to file Return of Income, before the expiry of one year from the end of the relevant assessment year.
Considering the provisions of section 139 (1)/139 (4), we can rule out the following possibilities of filing of Return of Income.
| Situation/s. | Section | Filing time | Remarks | Remarks
|
| 1 | 139 (1) | Within due date of filing | It is always better to file Return of Income in time to avoid litigations. | Prosecution u/s 276CC cannot be initiated |
| 2 | 139 (1) | Within the time extended by CBDT
(For AY 2015-16 time extended by CBDT till 31st August 2015) |
Filing of return within the extended time is a return filed as good as within the time frame u/s 139 (1) i.e. all the advantages are available such as revision u/s 139 (5). C/f of losses etc. | Prosecution u/s 276CC cannot be initiated |
| 3 | 139 (4) | After the due date u/s 139 (1) but before the end of the relevant assessment year | Advantages not available i.e. C/f of losses not allowed (except depreciation loss). Revision not allowed. However this return is not barred by time and allowed as such. | Prosecution u/s 276CC cannot be initiated |
| 4 | 139 (4) | After the end of the a relevant assessment year, but within the expiry of one year from the end of relevant assessment year | Section 139 (4) allows to file before the expiry of one year from the end of relevant assessment year.
(For Example for AY. 2015-16 Return can be filed up to 31st March 2017 belatedly) |
Prosecution can be initiated U/s 276CC |
| 5 | – | No filing of return allowed after the time specified in 4) above. | Return of Income not allowed to be filed after the expiry of one year from the end assessment year i.e. it is barred by time. (For example For AY. 2015-16, Return of Income cannot be filed after 31st March 2017. After 31st March 2017 the return will be time barred)
In such case Return can be only upon notice issued u/s 142 (1).Further assessments in such cases are done u/s. 144. (Best Judgment Assessment)
|
Prosecution can be initiated U/s 276CC |
http://taxguru.in/income-tax/filing-late-return-income-139-4-assessment-year-prosecution-276cc.html
