Section 139 ITA 1961 prescribes DUE DATE for filing RETURN OF INCOME:

1. Section 139(1) Income Tax Act 1961 prescribes due dates for filing RETURN OF INCOME: 2. (a) NORMAL: 31st JULY of the assessment year (for individuals not subject to audit); 3. (b) AUDIT: 31st OCTOBER of the assessment year (for businesses requiring audit under Section 44AB — turnover > Rs 1 crore for businesses, > Rs 50 lakh for professionals); 4. (c) TRANSFER PRICING: 30th NOVEMBER of the assessment year (for companies with international transactions); 5. (d) COMPANIES: 31st OCTOBER (audit required). 6. Section 139(4) — BELATED RETURN — until 31 December of AY. 7. Section 139(5) — REVISED RETURN — until 31 December of AY. 8. Section 139(8A) — UPDATED RETURN (introduced Budget 2022) — within 2 years from end of AY, additional tax 25-50%. 9. Hence option B is correct. _Source: CS Executive Paper 4 Tax Laws (ICSI BoS) + Income Tax Act 1961 + CGST Act 2017 — Income Tax Act 1961, Section 139_