(1) If a “self-assessment return” is filed by a person for any assessment year under this section, his income, tax and other liability under this Act shall be deemed to have automatically completed if the return—

(a) is filed in compliance with all the provisions mentioned in 169; and

(b) is filed with payment of tax subject to all provisions mentioned in section 173 and section 174 ¹[.]

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(2) After filing the return under sub-section (1) if the assessee finds that in the return filed by him—

(a) income shown; or

(b) claimed tax exemption or credit; or

(c) for any other reason, the tax payable under this Act has not been correctly computed or the correct amount has not been paid, he may file an revised return stating the reasons in a written statement ³[.]

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(3) No revised return shall be filed under sub-section (2) in the following cases—

(a) after the expiry of 180 (one hundred and eighty) days from the date of filing the return under sub-section (1); or

(b) after filing the revised return for the first time; or

(c) after the original return is selected for audit under section 182.

(4) In the return filed under sub-section (1), no question shall be raised as to the source of the initial capital of the business of a new individual assessee, if the assessee—

(a) shows income from sources which are not exempted from tax and income shown exceeds the tax free limit;

(b) shows amount of income not less than 20% (twenty percent) of the initial capital;

(c) pays the amount of tax computed under regular tax rate and other applicable sums on or before filing the return;

(d) submits evidence relating to the existence of the business;

(e) filed within the relevant tax day of the relevant tax year; and

(f) states in writing that the return filed is not an arrear return.

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(6) For the purposes of this section,—

(a) “regular tax rate” means the rate of tax which is not exempted or reduced;

(b) “arrear return” means a return which has not been filed within the assessment year to which the income year relates.