Q: Step-by-step procedure

The section of law behind each step is shown beside it. 1 Identify the error s.114(6) Omission or wrong statement. 2 Revise accounts s.114(6)(a) Revised accounts where relevant (can be waived). 3 Written reasons s.114(6)(b) Signed reasons for the revision. 4 Approval if needed s.114(6)(ba) Apply if beyond 60 days. 5 File the revised return s.114(6) Pay any extra tax.

Question 1

When this applies

Accepted Answer

You discover a mistake in a filed return, or accept a settlement offered by FBR's algorithmic settlement mechanism.

Question 2

Time limits, fees and sections

Accepted Answer

Item Rule Section Within 60 days of filing No Commissioner approval needed s.114(6) proviso After 60 days Commissioner's written approval, deemed granted if no order in 60 days s.114(6)(ba) Floor Income can't be lower (or loss higher) than determined by an order s.114(6)(c)

Question 3

Step-by-step procedure

Accepted Answer

The section of law behind each step is shown beside it.

1
Identify the errors.114(6)
Omission or wrong statement.
2
Revise accountss.114(6)(a)
Revised accounts where relevant (can be waived).
3
Written reasonss.114(6)(b)
Signed reasons for the revision.
4
Approval if neededs.114(6)(ba)
Apply if beyond 60 days.
5
File the revised returns.114(6)
Pay any extra tax.

Question 4

Documents to prepare

Accepted Answer

Original return Revised accounts Signed reasons

Question 5

Practical tips

Accepted Answer

Revising before a notice usually costs less than an amendment after one

Item	Rule	Section
Within 60 days of filing	No Commissioner approval needed	s.114(6) proviso
After 60 days	Commissioner's written approval, deemed granted if no order in 60 days	s.114(6)(ba)
Floor	Income can't be lower (or loss higher) than determined by an order	s.114(6)(c)