Amendment of section 263

Section 66 of the Finance Act, 2026 deals with amendment of section 263. Amendment of section 263. 66. In section 263 of the Income-tax Act,— (a) | in sub-section (1), for clause (c), the following clause shall be substituted, namely:— '(c) for the purposes of this section, "due date" in respect of the persons mentioned in column B of the Table below, subject to conditio

Amendment of section 263.

66. In section 263 of the Income-tax Act,—

(a)		in sub-section (1), for clause (c), the following clause shall be substituted, namely:—
		'(c) for the purposes of this section, "due date" in respect of the persons mentioned in column B of the Table below, subject to conditions as mentioned in column C of the said Table, shall be the due date of the financial year succeeding the relevant tax year as mentioned in column D thereof:

TABLE

Sl. No.	Person	Conditions	Due date
A	B	C	D
1.	Assessee, including the partners of the firm or the spouse of such partner (if section 10 applies to such spouse).	Where the provisions of section 172 apply.	30th November.
2.	(i) Company; (ii) assessee (other than a company) whose accounts are required to be audited under this Act or under any other law in force; (iii) partner of a firm whose accounts are required to be audited under this Act or under any other law in force; or the spouse of such partner (if section 10 applies to such spouse).	Where the provisions of section 172 do not apply.	31st October.
3.	(i) Assessee having income from profits and gains of business or profession whose accounts are not required to be audited under this Act or under any other law in force; (ii) partner of a firm whose accounts are not required to be audited under this Act or under any other law in force or the spouse of such partner (if section 10 applies to such spouse).	Where the provisions of section 172 do not apply.	31st August.
4.	Any other assessee.		31st July.';

(b)		for sub-section (5), the following sub-section shall be substituted, namely:—
		"(5) If any person, having furnished a return under sub-section (1) or (4), discovers any omission or any wrong statement therein, he may, subject to the provisions of section 428(b), furnish a revised return at any time within twelve months from the end of the relevant tax year, or before the completion of the assessment, whichever is earlier.";
(c)		in sub-section (6),—

(i)		for clause (b), the following clause shall be substituted, namely:—
		"(b) (i) the provisions of clause (a) shall continue to apply for a tax year if any person has sustained a loss in the said tax year and has furnished a return of loss within the due date specified under sub-section (1) and the updated return is a return of income or such updated return has the effect of reducing the loss;
		(ii) the provisions of clause (a) shall also apply where an updated return is furnished by a person for the relevant tax year in pursuance of a notice issued under section 280 within such period as specified in the said notice and in such a case, the assessee shall be precluded from filing return in pursuance of the said notice in any other manner;";
(ii)		in clause (c),—

(A)		in sub-clause (i), after the words "tax year", the words, brackets, figures and letter "except in a case referred to in sub-section (6)(b)(i)" shall be inserted;
(B)		in sub-clause (v), after the words "tax year", the words, brackets, figures and letter "except in a case referred to in sub-section (6)(b)(ii)" shall be inserted;

(iii)

in clause (e), for the figures, brackets, letters and words "206(l)(m) to (p) and 206(2)(e) to (h)", the figures, brackets, letters and words "206(2)(e) to (h) and 206(3) and (4)" shall be substituted.

Section 66, The Finance Act, 2026 (Act 4 of 2026).