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CA Intermediate · Taxation · Provisions for filing Return of Income and Self Assessment

Ritu, a salaried resident individual not subject to audit, files her return for tax year 2026-27 on 10 August 2027, within the due date. On 20 February 2028 she discovers that she omitted Rs 30,000 of interest income. Assuming the return is the only one filed so far and no assessment has been completed, what is the correct course of action under the Income-tax Act, 2025?

Ritu can file a revised return, because a return filed in time can be revised any time up to the permitted period ending 31 March 2028 for tax year 2026-27, or until assessment is completed if earlier. 20 February 2028 is within that window, and no penalty is required for revising.

  1. AShe cannot rectify the omission
  2. BShe may file a revised return, but only after paying a penalty
  3. CShe may file a revised return, as the time limit for revision has not expired for the tax yearCorrect
  4. DShe must file a belated return

Explanation

An original return filed in time may be revised before the end of 3 months before the end of the tax year-end deadline... in practice, a revised return can be filed within the period permitted, which for the tax year 2026-27 extends to 31 March 2028 (a period ending 12 months from the end of the tax year) or completion of assessment, whichever is earlier. 20 February 2028 falls within this. No penalty is required for revision, and a belated return is for returns not filed in time.

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