Filing of revised return of income – An overview
After furnishing the return, if an assessee discovers any omission or any wrong statement in the return filed, he may file a revised return, subject to the condition that, the original return was filed within due date. An individual is required to file his return of income by 31st July of the assessment year.
Return can be revised at any time before the expiry of one year from the completion of the said assessment year or before the completion of assessment, whichever is earlier. It is also possible to revise a revised return provided it is revised within the prescribed time.
If the assessee has not submitted his return of income within due date, he can still file the same, but the assessee shall be liable to pay interest & penalty in such cases. Such belated 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. A belated return can not be revised, even after filing the return, the assessee found some omission or mistakes in it.