Revised return of income – last date allowed must be made rational ,logical ,reasonable and result oriented for more confidence building between tax department and tax payers.

Revised return of income – last date allowed must be made rational ,logical ,reasonable and result oriented for more confidence building between tax department and tax payers. https://www.taxtmi.com/article/detailed?id=10402 Section 139(5) allows a taxpayer to file a revised return for any omission or wrong statement, at any time before completion of assessment or before three months prior to the end of the relevant assessment year, whichever is earlier. The current uniform cut-off has been reduced by successive amendments and can curtail the revision window where assessment concludes early. The author proposes extending the revision period by tying the deadline to the last date for issuing a notice under section 143(2), plus a brief additional interval, to permit reasoned corrections and bolster taxpayer confidence. en-us Tue, 17 May 2022 10:16:17 +0530 Tue, 17 May 2022 10:16:17 +0530 TaxTMI RSS Generator Revised return of income – last date allowed must be made rational ,logical ,reasonable and result oriented for more confidence building between tax department and tax payers. https://www.taxtmi.com/article/detailed?id=10402 Section 139(5) allows a taxpayer to file a revised return for any omission or wrong statement, at any time before completion of assessment or before three months prior to the end of the relevant assessment year, whichever is earlier. The current uniform cut-off has been reduced by successive amendments and can curtail the revision window where assessment concludes early. The author proposes extending the revision period by tying the deadline to the last date for issuing a notice under section 143(2), plus a brief additional interval, to permit reasoned corrections and bolster taxpayer confidence. Articles Income Tax Tue, 17 May 2022 10:16:17 +0530 https://www.taxtmi.com/article/detailed?id=10402