Awesome Ltd. filed its return of income for the A.Y. 2026-27, on 15th December 2026. On 2nd January 2027, the accountant of Awesome Ltd. realised…
CA Intermediate · Taxation · MTP · May 2026
Awesome Ltd. filed its return of income for the A.Y. 2026-27, on 15th December 2026. On 2nd January 2027, the accountant of Awesome Ltd. realised that he had forgotten to claim a genuine business expenditure amounting to 15 lakhs. He wants to file revised return to claim such expenditure as the assessment is not yet completed. Whether the action of the accountant of Awesome Ltd. is valid?
Suggested Answer and Working Notes:
The due date of filing return of income of Awesome Ltd for the A.Y. 2026-27 is 31st October, 2026 since it is a company. However, it filed its return of income on 15.12.2026, which is a belated return. If any omission is discovered even in a belated return, the same can also be revised up to 31.12.2026, being the date 3 months prior to the end of the relevant assessment year i.e. 31.03.2027 or completion of assessment, whichever is earlier. However, it cannot file a revised return on 02.01.2027 since it is beyond 31.12.2026. Hence, the action of accountant of Awesome Ltd is not valid.
Topics: Paper 3A: Income Tax Laws, Paper 3B: Goods and Services Tax
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