Belated returns u/s 139(4) can now be revised u/s 139(5)-Budget-2016-17 amendments

Section 139(5) contains provisions regarding for filing of revised returns and provides that if any person, having furnished the return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142 discovers any omission or any wrong statement therein, he may furnish a revised return at any time before one year from the end of the relevant assessment year or completion of assessment, whichever is earlier.

In other word an income tax return for FY 2015-16 (AY 2016-17) can be revised up to 31-03-2018

It is proposed to substitute sub-section (5) of section 139 so as to provide that if any person, having furnished a return under sub-section (1) or under sub-section (4), or in a return furnished in response to notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return 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.