What is the time limit available under the Income tax Act for filing revised return for the A Y 2007-08?
3 Replies
Neha Sett
(Student)
(20 Points)
Replied 27 August 2008
The time limit available under the Income tax Act for filing revised return for the A Y 2007-08 is within 1yr from the end of the AY 2007-08 or completion of assessment, whichever is earlier.
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 31 August 2010
An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act in respect of the number of time for which the return of income may be revised by the assessee. However, if a person deliberately files a false return he will be liable to be imprisoned under section 277 and the offence will not be condoned by filing a revised return.
Where the return relates to assessment year 1988-89 or any earlier assessment year, the period of limitation is two years from the end of the relevant assessment year.
Sunshine
(Helping All)
(10575 Points)
Replied 31 August 2010
agree with neha....it can be filed within 1 yr from the end of relevant assessment year ir assessment whichever is earlier....
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