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CMA Intermediate · Direct and Indirect Taxation · Filing of Return of Income

Mr. Iyer filed an original return for a tax year and later discovers an omission. He wants to furnish a revised return. As per section 263(5) as substituted from 1 April 2026, what is the latest time for the revised return, if no assessment is completed earlier?

A revised return can be furnished within twelve months from the end of the relevant tax year, or before assessment is completed if that is earlier. The earlier nine-month limit was replaced from 1 April 2026. Forty-eight months relates only to updated returns.

  1. ANine months from the end of the relevant tax year
  2. BTwelve months from the end of the relevant tax yearCorrect
  3. CTwelve months from the end of the financial year succeeding the tax year
  4. DForty-eight months from the end of the financial year succeeding the tax year

Explanation

Section 263(5), substituted w.e.f. 1-4-2026, allows a revised return within twelve months from the end of the relevant tax year or before completion of assessment, whichever is earlier. The earlier period was nine months, which is why option A is wrong, and 48 months applies to updated returns.

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