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

Rohit furnished his original return for tax year 2026-27 on time and later discovers an omission. Assuming no assessment has been completed, up to what time can he furnish a revised return under section 263(5) as amended w.e.f. 1 April 2026?

He can revise within twelve months from the end of the relevant tax year, or before completion of assessment if earlier. The amended provision extended the earlier nine-month window to twelve months. The forty-eight-month period is for updated returns, not revised returns.

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

Explanation

As substituted w.e.f. 1-4-2026, section 263(5) allows a revised return within twelve months from the end of the relevant tax year or before completion of assessment, whichever is earlier. Nine months was the earlier period and is now outdated. The forty-eight months period relates to updated returns.

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