Return under Loss, Belated and Revised

RETURN OF LOSS SECTION 139(3)

  • This section requires the assessee to file a return of loss in the same manner as in the case of return of income within the time allowed under section 139(1).
  • Section 80 requires mandatory filing of return of loss under section 139(3) on or before the due date specified under section 139(1) for carrying forward of the following losses
  1. Business loss under section 72(1)
  2. Speculation business loss under section 73(2)
  3. Loss from the specified business under section 73A (2)
  4. Loss under the head “Capital Gains” under section 74(1)
  5. Loss from the owning and maintaining race horses under section 74A (3)
  • Consequently, section 139(3) requires the filing of return of loss mandatorily within the time allowed under section 139(1) for claiming carry forward of the losses mentioned in (2) above.

BELATED RETURN SECTION 139(4)

Where a person has not furnished a return within the time allowed

 under section 139(1) may furnish the return for any previous year

at any time –

(i) before the end of the assessment year relevant to the previous year; or

(ii) before the assessment is completed, whichever is earlier

Revised Return Under Section 139(5)

If any person furnished a return under section 139(1) or a belated return

under section 139(4), creates any omission or any wrong statement

therein, he may furnish a revised return at any time 

  • before the end of the relevant assessment year; or
  • before completion of the assessment, whichever is earlier

Particulars to be furnished with the return under section 139(6)

The prescribed form of the return shall, in particular specified matters,

require the assessee to furnish the particulars of –

  1. income exempt from tax;
  2. assets of the prescribed nature and value, held by him as a beneficial owner or otherwise or    in which he is a beneficiary;
  3. his bank account and credit card kept by him;
  4. expenditure exceeding the prescribed limits incurred by him under prescribed heads; and
  5. such other outgoings as may be prescribed

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