Answer :
In the context of tax law in India, individuals are required to file their income tax returns within a certain due date. However, there are provisions for filing different types of returns under certain circumstances. Here’s an explanation of each:
Revised Return under Section 139(5):
- A revised return is filed when a taxpayer discovers any omission or wrong statement in the original tax return.
- It allows the taxpayer to correct the mistakes made in the original filing.
- A revised return can be filed at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Updated Return under Section 139(8A):
- An updated return is a relatively new provision that allows taxpayers to update their tax returns.
- It can be filed within 24 months from the end of the relevant assessment year.
- This option is provided to the taxpayer to voluntarily update their earnings or other details that were not included in the previously filed return, thereby regularizing any discrepancies and promoting voluntary compliance.
Belated Return under Section 139(4):
- A belated return is one that is filed after the due date prescribed under law has expired.
- Taxpayers who miss the original deadline can file their return any time before the end of the relevant assessment year.
- Filing a belated return usually involves paying a penalty and might result in the loss of some benefits such as carrying forward losses to subsequent years.
Each type of return serves to accommodate different situations that a taxpayer might face while ensuring compliance with the law.
