SHORT ANSWER:
Yes, Income Tax Returns (ITR) can be revised after filing.
DETAILS:
- A taxpayer can file a revised return under Section 139(5) of the Income Tax Act, 1961.
- The revised return must be filed within the specified time limit, which is usually before the end of the assessment year.
PUNISHMENT / IMPLICATIONS (if applicable):
- If the original return is found to be incorrect, penalties may apply under Section 271(1)(c) for concealment of income.
SOURCE:
- Income Tax Act, 1961
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