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CMA Final · Direct Tax Laws and International Taxation · Return of Income

Arun Pvt Ltd failed to file its return for tax year 2026-27 by the due date. No assessment has been completed. Within what time can it still furnish a belated return under section 263(4), and by when can a revised return be furnished after filing, with no assessment completion in the way?

A belated return can be filed within nine months from the end of the tax year, and a revised return within twelve months from the end of the tax year, in each case or before completion of assessment if earlier. The revision period was extended from nine to twelve months.

  1. ABelated: nine months from end of tax year; revised: twelve months from end of tax yearCorrect
  2. BBelated: twelve months from end of tax year; revised: nine months from end of tax year
  3. CBelated: nine months from end of tax year; revised: nine months from end of tax year
  4. DBelated: twelve months from end of tax year; revised: twelve months from end of tax year

Explanation

Section 263(4) allows a late return within nine months from the end of the tax year or before completion of assessment, whichever is earlier. Section 263(5), as substituted, extends revision to twelve months from the end of the tax year. The older nine-month revision limit is the trap in options 2 and 3.

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