09 September 2014
If an assessee has filed his return of Income u/s 139(1) of Income Tax Act 1961 i.e. within the due date of filing the return and if he subsequently finds that in the original return he has committed some mistake bonafidely then he can revise his return of income u/s 139(5) of Income Tax Act.
Time period of filing the revised return: As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier.
For example : Therefore a return of A.Y 2009-10 can be revised till 31st March 2011 or before the completion of the assessment whichever is earlier.
After that you can file request for rectification u/s 154.
11 September 2014
Yes but not under section 154. Its for rectification in Return.
Regarding Revised Tax Audit report:
In case of revision, the audit report should be given in the manner suggested by the Institute in SA-560 (Revised) “Subsequent Events”. It may be pointed out that report under section 44AB should not normally be revised. However, sometimes a member may be required to revise his tax audit report on grounds such as: (i) revision of accounts of a company after its adoption in annual general meeting. (ii) change of law e.g., retrospective amendment. (iii) change in interpretation, e.g. CBDT’s circular, judgments, etc. (iv)Any other reason like system/software error requiring change in report already uploaded. In case, where a member is called upon to report on the revised accounts, then he must mention in the revised report that the said report is a revised report and a reference should be made to the earlier report also. In the revised report, reasons for revising the report should also be mentioned.
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