New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    What is the time limit for filing revised return at

    present?
    A Within the assessment year Correct Answer Incorrect Answer
    B Before the expiry of one year from the end of the relevant assessment year Correct Answer Incorrect Answer
    C Before the expiry of two years from the end of the relevant assessment year Correct Answer Incorrect Answer
    D Before the completion of assessment even if it takes more than one year from the end of the relevant assessment year Correct Answer Incorrect Answer

    Solution

    As per the Income Tax Act 1961, the time limit for filing a revised return at present is: Before the expiry of one year from the end of the relevant assessment year For example, if the relevant assessment year is 2021-2022 (AY 2021-2022), the taxpayer has the option to file a revised return for that assessment year until the end of the next year, i.e., before March 31, 2023. Please note that the time limit for filing a revised return may be subject to change in the future due to amendments in tax laws, so it is always essential to refer to the latest tax rules and regulations at the time of filing.

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