Introduction: 

The Income Tax Return is a crucial annual document where taxpayers report income, deductions, and tax liabilities to the government. It ensures financial transparency, enabling fair distribution of public resources.

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Filing accurately and timely is a legal obligation, reflecting civic responsibility. The process varies based on individual circumstances, involving diverse forms and schedules. Ultimately, the Income Tax Return is integral to financial governance and equitable contribution to society.

As per sub-section 6 of Section 114 of ITO, 2001.

3[(6) Subject to sub-section (6A), any person who, having furnished a return, discovers any omission or wrong statement therein, may file revised return subject to the following conditions, namely: —

(a) it is accompanied by the revised accounts or revised audited accounts, as the case may be

[Provided that Commissioner may waive this condition if the Commissioner is satisfied that filing of revised accounts or audited accounts is not necessary;]

(b) the reasons for revision of return, in writing, duly signed, by the taxpayers are filed with the return

(ba) it is accompanied by the approval of the Commissioner in writing for revision of return; and

In the following cases, Commissioners approval is not required:

1. If the revised return is filed within sixty days of the filing of the original return.

2. Where the revised taxable income declared is more than the taxable income previously declared or the revised loss declared is less than the loss previously declared (determined by an order issued under sections 121, 122, 122A, 129, 132, 133, or 221)

3. Where the commissioner does not give his approval/rejection within 60 days of filing of an application for the revision of return.

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