Revision of tax return

The tax returns that would are filed after the due date are considered as belated tax returns and under the law, belated tax returns cannot be revised. Some information or data might not be available by the due date. Vineet Agarwal, Director, KPMG says, “In such cases, the Act allows the filing of 'belated returns' within one year from the end of the assessment year or completion of assessment, whichever is earlier.”

In cases of belated tax returns one might have to abstain the right to carry forward the losses or revise the return. He adds, “In such a case, you can file a return with the due date and then revise it with actual details, subject to certain conditions.”

If one files the return within the due date that he will have the option to revise it later. To claim foreign tax credit based on foreign tax return received later, one might not be able to dos o if the original tax retorn is filed late.