Filing of Revised IT Return

This query is : Resolved

Srinivas Sharma KN (Querist)
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02 June 2009 Assessee has filed his return of income for the F/Y 2007-08 (A/Y 2008-09) within due date after Tax audit. Books of account was not complete, still IT return was filed. Now, the books of account are updated. There are major change in the income, expenses, banks balances etc.,Tax auditor wants to revise the return after thorough audit.
1) Can he revise his audit report? If yes, please provide section details, case laws etc.,
2) Can the return be revised? If yes, under which section?
3) What is the due date for filing of revised return?

Radheyshyam Falod

Radheyshyam Falod (Expert)
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05 June 2009 In the first palce how was the tax audit completed before completion of books of accounts. i. e. how did he issue the tax audit report. The tax audit report is given after the financial statements are completed and on that basis he can give the report.
The return can be revised u/s 139(5)and the due date of filing revised return will be at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. You will have to explain to the Income Tax Officer as to wat lead to the change in the books of accounts.