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

Mr. Raman Iyer, a resident individual who is ordinarily resident, files his return for tax year 2026-27 on time. After filing he discovers an omission in it. No assessment has been completed. Under section 263(5) as amended, by when may he furnish a revised return?

He may file a revised return within twelve months from the end of the relevant tax year, or before completion of assessment, whichever is earlier. The amendment effective from 1 April 2026 replaced the earlier nine-month limit. The forty-eight month period applies only to updated returns.

  1. AWithin nine months from the end of the tax year, or before completion of assessment, whichever is earlier
  2. BWithin twelve months from the end of the tax year, or before completion of assessment, whichever is earlierCorrect
  3. CWithin twelve months from the end of the tax year, or after completion of assessment, whichever is later
  4. DWithin forty-eight months from the end of the financial year succeeding the tax year

Explanation

Amended section 263(5) extends the revised return window to twelve months from the end of the tax year, or before completion of assessment, whichever is earlier. Nine months was the earlier limit and no longer applies. Forty-eight months relates to updated returns, not revised returns.

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