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

Ravi Kumar, a resident individual, furnished his return for a tax year on the due date. On discovering an omission, he wants to file a revised return. Under section 263(5) as substituted from 1 April 2026, within what time must he file it, assuming assessment is not completed earlier?

He may file the revised return within twelve months from the end of the relevant tax year, or before assessment is completed, whichever is earlier. The earlier nine-month limit was replaced from 1 April 2026. The 48-month period belongs to updated returns.

  1. AWithin nine months from the end of the relevant tax year
  2. BWithin twelve months from the end of the relevant tax yearCorrect
  3. CWithin twelve months from the end of the financial year succeeding the tax year
  4. DWithin forty-eight months from the end of the financial year succeeding the tax year

Explanation

Section 263(5) now allows a revised return within twelve months from the end of the relevant tax year, or before completion of assessment, whichever is earlier. The nine-month period was the earlier position before substitution. The 48-month period relates to updated returns under sub-section (6), not revised returns.

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