REVISED RETURN
Any person who, having furnished a return, discovers any omission or wrong statement therein, may file revised return subject to the following conditions, namely: -
it is accompanied by the revised accounts or revised audited accounts, (Commissioner may waive this condition)
the reasons for revision of return, in writing, duly signed,
approval of the Commissioner in writing for revision of return
taxable income declared is not less than and loss declared is not more than income or loss, as the case may be, determined by an order issued under sections 121, 122, 122A, 129, 132, 133 or 221
Provided that if any of the above conditions is not fulfilled, the return furnished shall be treated as an invalid return as if it had not been furnished
Provided further that the condition specified in clause shall not apply if revised return is filed within sixty days of filing of return:
Provided also that where the Commissioner has not made an order of approval in writing, for revision of return, before the expiration of sixty days from the date when the revision of return was sought, the approval required under clause (ba) shall be deemed to have been granted by the Commissioner, and condition specified in clause (ba) shall not apply
“Provided also that condition specified in clause (ba) shall not apply and the approval required thereunder shall be deemed to have been granted by the Commissioner, if- (a) the Commissioner has not made an order of approval in writing, for revision of return, before the expiration of sixty days from the date when the revision of return was sought; or (b) taxable income declared is more than or the loss declared is less than the income or loss, as the case may be, determined under section 120”
“Provided also that the Commissioner shall grant approval in case of a bonafide omission or wrong statement.]
A revised return voluntarily along with deposit of the amount of tax short paid or amount of tax sought to be evaded along with the default surcharge, whenever it comes to his notice, before receipt of notice under sections 177 or 122(9), no penalty shall be recovered from him:
during the audit or before the issuance of notice under sub-section (9) of section 122, he shall deposit the amount of tax sought to be evaded, the default surcharge and 25% of the penalties leviable under the Ordinance along with the revised return:
Revises the return after the issuance of a show cause notice under sub-section 122(9), he shall deposit the amount of tax sought to be evaded, default surcharge and 50 % penalties the show cause notice shall stand abated.