CMA Final · Direct Tax Laws and International Taxation · Return of Income
Mr. Sunil Gupta filed his original return for a tax year and now wants to file an updated return. Under section 263(6), in which situation is he NOT eligible to file it?
He cannot file if an updated return has already been furnished for that tax year, because section 263(6)(c)(iv) allows only one. Reporting more income, never having filed earlier, or converting a timely loss return into an income return remain permitted.
- AHe wants to report additional income and pay additional tax, with no proceedings pending
- BHe filed no original return for that tax year and now reports income
- CHe had a loss, filed a return of loss by the due date, and the updated return is a return of income
- DHe has already filed an updated return for that tax yearCorrect
Explanation
Section 263(6)(c)(iv) bars an updated return where one has already been furnished for the tax year. The other three are permitted: a person may file an updated return whether or not an earlier return was filed, and section 263(6)(b)(i) preserves the facility for a loss return converted into income.
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