Quick Summary
The government has proposed important amendments to the Income-tax Act, 2025, aimed at providing taxpayers with greater flexibility in filing revised income tax returns. Currently, Section 263 of the Act lays down the framework for income tax return filing, including due dates and types of returns such as original, belated, revised, and updated returns. What is a Revised Return? Under Section 263(5) of the Income-tax Act, 2025, a taxpayer who has already filed an original or belated return c
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FAQ :
A revised return is filed by a taxpayer who has already submitted an original or belated return, to correct any omissions or incorrect statements discovered in the initial filing.
Currently, a revised return must be filed within nine months from the end of the relevant tax year, or before the completion of assessment, whichever comes first.
The government proposes to extend the filing period for revised returns from nine months to twelve months from the end of the relevant tax year.
Taxpayers who file belated returns towards the end of the current nine-month period will benefit, as they will have more time to revise their returns.
Yes, a fee under Section 428(b) will be applicable for revised returns filed beyond nine months from the end of the relevant tax year.
These amendments are expected to take effect from 1st April 2026 for the tax year 2026-27 and subsequent years.
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