Revised return adjustments can amend tax intimations, creating deemed demands or adjusted refunds under wealth tax rules.

A new provision requires that when a revised return is filed after an intimation or refund, the intimation and any refund already made shall be amended based on the revised return: increases become deemed notices of demand (requiring payment), decreases trigger refunds or are treated as tax payable with deemed notices of demand. A proviso makes a taxpayer who files a revised return after service of an intimation liable for additional wealth-tax in respect of specified adjustments regardless of whether those adjustments appear in the revised return. The provision also amends the filing-time reference in the related subsection.

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