Extending the period of filing revised return

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.... the due dates, and the different types of returns that may be furnished. It covers the original return, belated return, revised return and updated return. 2. Further, section 263(5) of the Act provides for the revised return of income. It allows a person who has already furnished a return under section 263(1) and (4) to file a revised return, if any omission or wrong statement is discovered in t....

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....is return of income. The extension of time limit for filing revised return of income, will allow the taxpayers to file revised return where belated return is filed at the end. 5. In this regard, it is proposed to amend section 263(5) of the Act so as to increase the prescribed time limit for filing the revised return from its existing time limit of nine months to twelve months from the end of the....