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

Vikram Enterprises, a firm with no audit requirement, filed its original return for tax year 2026-27 on time and later found an omission. Assuming no assessment is completed earlier, up to what date can it furnish a revised return under section 263(5) as amended?

The revised return can be furnished up to 31 March 2028. Amended section 263(5) allows twelve months from the end of the tax year ending 31 March 2027, or before completion of assessment if that is earlier. The old nine-month limit no longer applies.

  1. ANine months from the end of the tax year, that is 31 December 2027
  2. BTwelve months from the end of the tax year, that is 31 March 2028Correct
  3. C31st March of the second financial year following the tax year
  4. DForty-eight months from the end of the tax year

Explanation

The tax year 2026-27 ends on 31 March 2027. Amended sub-section (5) allows a revised return within twelve months from the end of the relevant tax year, giving 31 March 2028, or before completion of assessment if earlier. Nine months was the earlier position.

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