SHORT ANSWER:
Yes, a person can revise their income tax return after filing.
DETAILS:
- The Income Tax Act allows taxpayers to file a revised return under Section 139(5).
- The revised return can be filed within the specified time limit, usually before the end of the assessment year.
PUNISHMENT / IMPLICATIONS (if applicable):
- If the revised return shows a higher income, additional tax may be payable.
- If the return is revised after the due date, penalties may apply.
SOURCE:
- Income Tax Act, 1961
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